Manama, June 15 (BNA): The Kingdom of Bahrain has been awarded the golden license for five projects presented by City, Eagle Hills Diyar LLC, Infracorp, Saudi Telecom Company (stc) and Whampoa Group.
With a combined investment of more than $1.4 billion in Bahrain, the projects and expansions are expected to generate more than 1,400 job opportunities over the next three years, which will support the objectives of Bahrain’s economic recovery plan.
The golden licenses were presented at the headquarters of each company to the CEO of City Bahrain, Michel Sawaya, Managing Director of Eagle Hills Diyar LLC, Dr. Maher Al Shaer, CEO of Infracorp, Majid Al Khan, CEO of stc Bahrain, Nizar Banabella, and CEO of the Whampoa Group, Sean Chan. Meanwhile, a virtual signing event was organized for the Singapore-based Whampoa Group.
In his comment, Minister of Industry and Commerce, Abdullah Adel Fakhro said: “The golden license is a pivotal step towards achieving the goals of the economic recovery plan for the Kingdom of Bahrain, which aims to attract $2.5 billion in foreign investments by the end of 2023.”
He added, “Bahrain has 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 in the world.”
The CEO of the Bahrain Economic Development Board, Khalid Humaidan, said: “The golden license is a successful partnership between the public and private sectors that has created customized solutions for investors and startups. It has many features and facilities that have enabled them to secure a global footprint from Bahrain.”
He added, “The new investment projects are expected to create more than 1,400 new job opportunities in the financial services, tourism, and information and communication technology sectors in Bahrain, thus enhancing Bahrain’s position on the international playing field.”
The golden license aims to enhance Bahrain’s competitiveness for investment and economic growth, as well as encourage the digital transformation of the kingdom’s economy.
It targets local and international companies by offering a range of benefits and facilities for investment projects.
Companies eligible for the Golden License must create more than 500 local jobs or invest more than $50 million in their early years in Bahrain, while contributing to the overall development of the Kingdom.
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