Bahrain awards inaugural golden licences to 5 projects

TDT | Manama                                                               

The Daily Tribune – www.newsofbahrain.com

Bahrain has granted the first five Golden Licences to projects presented by Citi, Eagle Hills Diyar W.L.L., Infracorp, Saudi Telecommunication Company (stc), and Whampoa Group.

With a collective investment of upwards of USD 1.4 billion, 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 at the headquarters of each company to Michel Sawaya, Bahrain CEO for Citi; Dr. Maher Al Shaer, Managing Director of Eagle Hills Diyar; Majed AlKhan, CEO of Infracorp; Nezar Banabeela, Chief Executive Officer (CEO) of stc Bahrain; and Shawn Chan, Group CEO of Whampoa Group. and a virtual signing event was organised for Singapore-based Whampoa Group.

The Golden Licence targets local and international companies by providing a set of advantages and facilities for investment projects. Abdulla Adel Fakhro, Minister of Industry and Commerce, said, "The Golden Licence is a pivotal step towards successfully achieving the objectives of Bahrain’s Economic Recovery Plan, which aims to attract $2.5 billion in foreign investment by the end of 2023."

The minister 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. Khalid Humaidan, Chief Executive at the Bahrain EDB, 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." The Chief Executive added, "New investment projects are expected to create over 1,400 new job opportunities across Bahrain’s financial services, tourism, and ICT sectors, cementing Bahrain’s position on an international playing field."