Bahrain's economic diversification efforts have received a significant boost with its Golden License program attracting a substantial $2.4 billion in foreign direct investment (FDI) since its launch in April 2023. This influx of capital, spread across nine major projects, signifies the program's effectiveness in propelling the nation's economic growth trajectory.
The Golden License program serves as a one-stop shop for investors, offering a streamlined process and a suite of attractive benefits. The program's centerpiece is a 10-year residency visa, granting investors and their families long-term stability and peace of mind. Additionally, the program expedites business setup procedures, offering priority allocation for land and expedited processing of key permits. This "white-glove treatment" fosters a welcoming environment for businesses, facilitating their swift integration into the Bahraini market.
The program's success is evident in the diversity of sectors it has attracted. From manufacturing and information technology to healthcare and tourism, the Golden License has enticed businesses across various industries. This diversification is a cornerstone of Bahrain's economic development strategy, aiming to reduce the nation's reliance on the oil and gas sector. By fostering a dynamic and multifaceted economy, Bahrain aspires to achieve sustainable and long-term growth.
The positive impact of the Golden License program extends beyond foreign investment figures. The Economic Development Board (EDB) of Bahrain reports that the program has been instrumental in creating over 3,000 job opportunities. This significant job creation not only bolsters Bahrain's economy but also empowers its citizens by offering them access to fulfilling career prospects.
Looking ahead, the EDB anticipates the Golden License program to maintain its momentum, attracting further investment and contributing to Bahrain's economic transformation. The program's ability to streamline business setup, coupled with the allure of long-term residency, positions Bahrain as a compelling destination for investors seeking fertile ground to establish and grow their businesses.