Bahrain’s Golden License Drives $2.4bn Investment And 3,000 Jobs From Nine Projects
Bahrain has reported an investment of $2.4 billion from nine projects in the island nation following the introduction of the Golden License last year. Furthermore, the new projects are expected to create over 3,000 jobs in the country.
The nine projects span across diverse sectors such as financial services, manufacturing, ICT, and tourism. The programme, introduced in April 2023, aims to promote economic diversification and growth.
The Golden License initiative offers exclusive benefits to businesses, including white-glove treatment and priority allocation on key project milestones like land allocation.
Bahrain has been actively prioritising digital transformation and the development of its economic sectors. The country’s highly skilled, future-ready workforce, supported by government-backed training initiatives, has played a crucial role.
The country’s foreign direct investment (FDI) stock relative to GDP is significantly higher than the global average at over 81 percent, showcasing the trust international investors place in the kingdom’s competitive value proposition and reinforcing its economic significance in the region.
Among the newly awarded large-scale projects are Bahrain Titanium, a facility established by Switzerland-based Interlink Metals & Chemicals, which will be the first of its kind in the region.
Additionally, the construction of the National Bank of Kuwait’s (NBK) first greenfield head office outside of Kuwait, the installation of a data center facility and regional submarine cable by Bahrain-born technology company Beyon, and the urban waterfront development Bahrain Marina are set to contribute to Bahrain’s economic growth.
Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain Economic Development Board (Bahrain EDB), said: “Bahrain has proven itself as a trusted destination for local and global companies to set up or expand their operations owing to its unique value proposition. The Golden License is the latest of several initiatives introduced that reflect a vested commitment to living up to our pledge of being business-friendly, ensuring a seamless journey across every stage of progress, and ultimately acting as partners in building a solid foundation for long-term success.”
Abdulla bin Adel Fakhro, Minister of Industry and Commerce, said: “Ultimately, Bahrain has always been known for its ease of doing business, progressive legislation, and the agility of Team Bahrain. The Golden Licenses awarded across 2023 and 2024 are a healthy mix of home-grown and international projects, creating new prospects for other companies from around the world to set up in Bahrain, thereby further solidifying trade ties with key markets around the world.”
Over the past two decades, Bahrain has experienced significant economic growth, with its GDP increasing from $9.6 billion in 2002 to $44.4 billion in 2022. The non-oil sector has played a pivotal role in this growth, accounting for 83.6 percent of real GDP in Q3 of 2023. Notably, the financial services sector surpassed oil as the largest contributor to real GDP, standing at 18.1 percent in Q3 of 2023.
