Chief Executive Officer of the Economic Development Board (EDB), Khalid Ebrahim Humaidan, has praised the Cabinet’s approval to launch the Golden License for strategic investment projects, in line with the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Prime Minister and EDB Chairman.
The initiative aims to stimulate investments in Bahrain and boost job creation for the citizens, under its fiscal and economic reforms.
In a statement, Humaidan indicated that the move reflects the Kingdom’s keenness to develop its economy and encourage investments, both local and foreign, adding that it highlights the strategic work undertaken by Team Bahrain.
He underscored the importance of encouraging investments, especially large-scale ones, given their role in consolidating economic fundamentals, such as creating jobs in the Kingdom, and paving the way for companies to benefit from the country’s educated and skilled competencies.
EDB chief stressed that Bahrain welcomes all high-return investments, especially local ones, which are the backbone of the economy, noting that the Economic Development Board pays special attention to supporting existing companies and encouraging them to raise their investments and develop their programmes to expand their business in the Kingdom, taking advantage of its long-standing supportive business-friendly environment.
Regarding the support provided to local and international investment companies, Humaidan said that the essence of the work of Team Bahrain revolves around supporting these investments and providing them with facilities, which has earned the Kingdom the confidence of companies and investors from around the world.
EDB’s CEO confirmed that the Kingdom has always been keen to diversify its economy in order to meet the goals of the Economic Recovery Plan, the most important of which is attracting and encouraging investments to contribute to the development of the economy and job creation.
It is worth noting that the Cabinet announced, during this week’s regular meeting, chaired by HRH the Crown Prince and Prime Minister, that companies with major investment and strategic projects that will create more than 500 jobs in Bahrain, or those with investment value exceeding USD 50 million, will be eligible for the License.
Eligible companies will enjoy a wide range of privileges and benefits, including prioritised allocation of land for investments, infrastructure services and utilities.
They will also have streamlined access to government services – including business licensing and building permit approval, as well as support from Bahrain’s Labour Fund, Tamkeen, and Bahrain Development Bank.
Further advantages under the Golden License include integrated cooperation with various government departments, a designated account manager from Bahrain’s Economic Development Board, as well as a potential review of existing laws or regulations where necessary and applicable.
Source: Bahrain News Agency