Bahrain's Golden Licence Pushes $2.4 Billion Investment And New Job Opportunities
Bahrain has announced a significant boost to its economy with an investment influx of $2.4 billion through nine major projects, following the launch of its Golden Licence in April of the previous year. This initiative is expected to create 3,000 new jobs throughout the nation.
As outlined by the Bahrain Economic Development Board (Bahrain EDB), the Golden Licence offers top-tier services and prioritisation for crucial project phases, including land allocation. This strategy underscores Bahrain's objective to continue attracting influential businesses across various sectors, thereby fostering sustained economic growth.
Bahrain's commitment to digital transformation and the advancement of its economic sectors has been underscored by successful ventures attributed to a well-trained, bilingual workforce. This workforce benefits from consistent government-supported training initiatives. Bahrain's foreign direct investment (FDI) stock relative to its GDP is notably high at over 81%, indicating the strong confidence international investors have in Bahrain's economic prospects and strategic regional importance.
The newly awarded projects cover a range of sectors. These include the establishment of Bahrain Titanium by Switzerland-based Interlink Metals & Chemicals, marking the region's first facility of its kind. Other notable projects include the construction of the National Bank of Kuwait's (NBK) first greenfield head office outside Kuwait, the installation of a data centre and regional submarine cable by Bahrain-born technology firm Beyon, and the vibrant Bahrain Marina urban waterfront development.
Awards for these projects were presented in a series of ceremonial meetings to notable individuals including Igor Raykhelson, Ali Fardan, Shaikh Abdulla bin Khalifa Al Khalifa, and Khalid Najibi, representing the respective companies.
Minister of Sustainable Development and CEO of Bahrain EDB, Noor bint Ali Alkhulaif, highlighted Bahrain's reputation as a trusted destination for both local and global businesses. She emphasised that the Golden Licence is part of Bahrain's commitment to providing a business-friendly environment and supporting companies throughout their growth journey.
"In alignment with Bahrain's national vision, the licenses awarded span across priority sectors, ushering into each industry new employment opportunities, innovation, and niche expertise," Alkhulaif remarked, expressing optimism about the positive impact of these investments on Bahrain's economic diversification and prosperity.
Abdulla bin Adel Fakhro, Minister of Industry and Commerce, reiterated Bahrain's renown for its business-friendly climate, progressive legislation, and the efficiency of Team Bahrain. "The Golden Licenses awarded across 2023 and 2024 represent a blend of domestic and international projects, enhancing Bahrain's appeal to companies worldwide and strengthening international trade ties," Fakhro stated.
According to statistics from the EDB, Bahrain's nominal GDP experienced significant growth from $9.6 billion in 2002 to $44.4 billion in 2022, with an average annual growth rate of 8%, outpacing the global rate of 5.5% noted in 2002. Furthermore, Bahrain has successfully diversified its economy, with the non-oil sector comprising 83.6% of the real GDP in the third quarter of 2023, with the financial services sector surpassing oil as the largest contributor at 18.1% during the same period.
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