Bahrain to promote foreign investors

Manama : In a bid to promote Bahrain as an international investment hub, more facilitation for foreign investors was announced yesterday, enabling them to own 100 per cent of more businesses’ categories. 

This followed the weekly Cabinet meeting held here yesterday. In a statement issued following the session, it was announced that “the Cabinet approved the modification of the percentage of investors’ ownership of commercial activities to develop the government’s performance in this field, and improve the performance of the commercial sector.”

“The move aims to enhance economic development, generate quality job opportunities for the citizens and attract more investments in various economic sectors,” the statement read. “The amendment highlighted in the memorandum presented by the Industry, Commerce and Tourism Minister Zayed bin Rashid Al Zayani, will improve the Kingdom’s standing in the ease of starting business indices. It will stimulate its choice as a favourable host to world companies.”

According to the ministry, the amendment allows non-Bahraini investors to own 100 pc of businesses in the fields of residency, food, administrative services, arts, entertainment and leisure, health and social work, information and communications, manufacturing, mining and quarrying, water supplying and professional, scientific, technical and real estate activities.

“There’s no doubt that this step would boost the Kingdom’s economy amidst the international intense competition in attract foreign investments. It would also make Bahrain a hub for foreign investors,” the ministry’s statement read.

The statement also mentioned that “the ministry has taken several procedures that serve the same orientation during the past year, by revising commercial laws. It resulted in an annual increase of Commercial Registrations (CR) issuance by 5,187 CRs in the first half of 2016, compared to the same period last year.”