1,400 jobs to be created as ‘Golden Licences’ granted

The first five ‘Golden Licences’ have been granted to Citi, Eagle Hills Diyar, Infracorp, Saudi Telecommunication Company (stc), and Whampoa Group.

With a collective investment of more than $1.4 billion into Bahrain, the greenfield projects and expansions are expected to create more than 1,400 job opportunities within the next three years in support of the kingdom’s Economic Recovery Plan goals.

The licences were presented to Citi Bahrain chief executive Michel Sawaya, Eagle Hills Diyar managing director Dr Maher Al Shaer, Infracorp chief executive Majed AlKhan, stc Bahrain chief executive Nezar Banabeela, and Whampoa Group chief executive Shawn Chan.

While the top officials of Citi, Eagle Hills Diyar, Infracorp and stc received their licences at their Bahrain headquarters, a virtual signing event was organised for Singapore-based Whampoa Group.

This comes within months of the Golden Licence being launched to attract new investment projects and create jobs.

The initiative offers various incentives and streamlines services to foreign and local businesses with large-scale investment projects in Bahrain.

To be eligible for the Golden Licence, companies must either have a strategic project that will create more than 500 jobs in the kingdom, or an investment value exceeding $50 million.

The initiative is part of Bahrain’s efforts to boost its economy and create jobs.

It is expected to enhance Bahrain’s competitiveness for investment, and economic growth, and encourage the digital transformation of the economy.

Commenting on the initiative, Industry and Commerce Minister Abdulla Adel Fakhro said, “The ‘Golden Licence’ is a pivotal step towards successfully achieving the objectives of Bahrain’s Economic Recovery Plan, which aims to attract $2.5bn in foreign investment by the end of 2023.”

He added, “Bahrain possesses an attractive and flexible investment environment in addition to its advanced legislative system, which contributes to making this country one of the best investment destinations globally.”

Also commenting was Khalid Humaidan, the chief executive at the Bahrain Economic Development Board, the national investment promotion agency.

He said, “The Golden Licence is a successful public-private partnership that has created bespoke solutions for investors and start-up companies. It has provided them with fast-tracked approvals and several features and facilities that have enabled them to secure a global footprint from Bahrain.”

Mr Humaidan added, “The new investment projects are expected to create over 1,400 new job opportunities across Bahrain’s financial services, tourism and ICT sectors, cementing the country’s position on an international playing field.”

A number of senior officials also attended the ceremonies.

Source: https://www.gdnonline.com/Details/1254491