After Golden Visa the latest buzz is of Golden License. This license is a boon to the local and foreign businesses. So let’s find out why Bahrain has been giving out its first Golden licenses to the giants of investment companies.
Bahrain Grants Its First Golden License To 5 Major Investment Companies
What could be the ultimate objective of this grant? Well, one thing that comes obvious in our mind is to boost the economy of the country. The companies would expand their business in the country culminating in more sources of money in the country. Projects across the Kingdom have received Bahrain’s first five Golden Licences. The greenfield projects and expansions, with a combined investment of more than $1.4 billion in Bahrain, are anticipated to generate more than 1,400 job openings over the course of the next three years in accordance with the objectives of the Kingdom’s Economic Recovery Plan.
The Golden Licence will promote Bahrain’s economy’s digital transformation and increase its attractiveness to investors and economic growth. The Golden Licence offers a number of benefits and facilities for investment projects and is aimed at both domestic and foreign businesses.
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List Of Companies Who Received The Grant
The projects for which the Golden Licence was exclusively given are:
- Saudi Telecommunication Company
- Citi Eagle
- Infracorp
- Whampoa Group
- Hills Diyar
The Bahraini government’s Economic Recovery Plan seeks to bring in $2.5 billion in foreign investment by the end of 2023, and the Golden Licence is a critical step towards realising those goals.
A company must invest more than $50 million or create more than 500 new jobs in the Kingdom within its first three years of operation to be eligible for the Golden Licence. Companies must also contribute to the Kingdom’s general development.
In addition to having a sophisticated legal system, Bahrain also has a favourable and flexible investment climate, making it one of the greatest places in the world to invest. Successful public-private collaboration The Golden Licence has developed customised solutions for investors and start-up businesses.
They were given expedited permits, as well as a number of other features and services, which allowed them to establish a global presence from Bahrain. Over 1,400 new job opportunities are anticipated to be created by new investment projects in Bahrain’s financial services, tourism, and ICT industries, solidifying Bahrain’s position on the global stage.
So which company according to you should receive this grant in UAE?
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