Manama: Bahrain has given the green light for foreign companies to establish subsidiaries here and do business without local partners, as part of efforts to boost the national economy and spur growth.
The Cabinet, chaired by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, yesterday endorsed the new regulation.
It marks another opening up of the economy, coming two years after Bahrain approved 100 per cent business ownership in certain sectors.
The new rule is based on Article 345 of Decree 28 of 2015, amending provisions of a corporate law issued in 2001.
During the Cabinet meeting, Industry, Commerce and Tourism Minister Zayed Alzayani submitted a memo, which stressed the strategic importance of the move in energising the national economy.
Meanwhile, Bahrain has reiterated support to the United Nations Relief and Works Agency for Palestine Refugees in the Near East.
In addition, the Premier gave orders to fast-track work on a string of projects benefiting villages and regions nationwide in 2019. The projects include Budaiya Social Centre, Jidhafs Elderly Daycare Club (an offset of Jidhafs Social Centre), A’ali Disability Complex, the Isa Town Social Services Complex, Hamad Town Social Care Complex and another social centre in the Southern Governorate.
Projects in the pipeline also include an elderly women’s daycare centre in Hoora.
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