Bahrain's Golden Licence is paying off with the kingdom attracting $2.4 billion in investment from 9 major projects and creating 3,000 jobs since the introduction of the programme last year.
The initiative delivers white-glove treatment and first-priority on land allocation for investments, streamlined access to government services, including commercial registration and building permit approvals, and support as required from Tamkeen as well as a designated account manager from Bahrain Economic Development Board (Bahrain EDB) - the national investment promotion agency.
The newly awarded large-scale projects span across diverse sectors, including Bahrain Titanium, the first facility of its kind in the region set to be established by Switzerland-based Interlink Metals & Chemicals, the construction of the first greenfield head office of National Bank of Kuwait (NBK) outside of Kuwait, the installation of a data centre facility and regional submarine cable by Bahrain-born technology company Beyon, and finally, the vibrant urban waterfront development Bahrain Marina.
In a series of ceremonial meetings, the awards were presented to Interlink Metals & Chemicals Chairman Igor Raykhelson; National Bank of Kuwait in Bahrain General Manager Ali Fardan; Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa and Bahrain Marina Development Chairman Khalid Najibi.
Sustainable Development Minister and Bahrain EDB Chief Executive Noor Alkhulaif 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 Licence 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.”
Bahrain's foreign direct investment (FDI) stock relative to GDP is well above the global average rate at just above 81 per cent, which stands as a testament to the country's competitiveness and strategic position in the region.
(Full story in tomorrow's GDN)
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