Since announcing its novel “Golden License” program in April, Bahrain has issued five licenses to support more than $1.4 billion of projects in the country. While golden visas are becoming a familiar feature of global investing, golden licenses are a new concept.
The government confirmed that the first recipients are Citi, UAE real estate company Eagle Hills, local developer Infracorp, Saudi Telecommunications Company (STC) and Singaporean investment group Whampoa. But the small island nation of 1.5 million people has not publicly shared details of the first-of-its-kind plan.
Khalid Humaidan, Chief Executive of Bahrain Economic Development Board (EDB), said: fDi Learn about the benefits of a Golden License and how to obtain it.
Q: What are the criteria to obtain a Golden License?
answer: Projects that meet criteria such as an investment of at least $50 million or employment opportunities for at least 500 people are eligible to apply. We then select a small number of companies that are most strategic for the country and support our economic recovery plan. The plan identifies six target sectors: oil and gas, financial services, ICT, manufacturing, logistics and tourism. That’s exactly what we’re looking for.
Q: What are the benefits?
answer: A golden license comes with white glove treatment. This means EDB’s dedicated relationship manager and responsive service for everything governments can do to ensure project success. From conceptualization to full operation, we provide tailored and prioritized support to speed up your needs, including connections to public utilities, allocation of land and resources, introduction to Bahrain’s strategic players and decision makers, and speed-up from labor funds. We will assist you every step of the way. Strengthen the employment, training and upskilling of Bahraini youth. We have made it known to all government officials that this project is a priority.
Q: What projects are the first five golden licensees pursuing?
answer: Golden licenses are tied to specific projects. The first five licenses are for City Technology Hub, Eagle Hills Diyar residential development Marassi Al Bahrain, Infracorp’s Twiggy Beach Club & Residences development, and STC’s data center campus and cable system. , supporting the establishment of Singapore Gulf Bank, the digital banking arm of Whampoa Group. Arm of Bahrain. Investors will need to apply for another golden license for the second project.
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Q: How many grants will be granted each year?
answer: We are very close to giving it to others as well. The initial idea is to award up to 10 grants per year, but this will depend on demand. This program has received a great response from many domestic and international investors. We already knew about some of their projects, but didn’t know the details about others.
Q: The license allows us to review laws and regulations as needed. Could you please tell me more details?
answer: The best example is what I did with AWS before I got my Golden License.they were interested [investing in] If anyone would consider passing a data jurisdiction law that would treat data stored in local data centers like embassies, it would be Bahrain. Therefore, if a foreign company hosts data in Bahrain, jurisdiction over the data will also follow. We found this to be strategic for Amazon and Bahrain. [in 2018 it was] It was passed into law. It’s something we would be happy to do if we both agree on its strategic value.
Q: Is there a connection between the Golden License and Bahrain’s Golden Visa program launched in 2022?
answer: We are all familiar with Golden Visa, which ensures that we welcome the right people to help us grow. The next logical step was to find investment distinctions to ensure we were doing everything we could to promote the projects that were most beneficial to the economy.
This interview has been edited for clarity and brevity.