Since announcing its novel ‘golden licence’ programme in April, Bahrain has issued five licences to support more than $1.4bn worth of projects in the country. While golden visas are becoming a familiar feature of global investment, golden licences are a new concept. 

The government has confirmed that the first recipients are Citi, UAE real-estate firm Eagle Hills, local developer Infracorp, Saudi Telecommunication Company (STC) and Singaporean investment group Whampoa. However the small island country of 1.5 million people has not publicly shared the finer details of the first-of-its-kind scheme 

Khalid Humaidan, chief executive at Bahrain Economic Development Board (EDB), spoke with fDi to shed some light on golden licences’ benefits, and how to get one.  

Q: What is the criteria to obtain a golden licence?

A: Any project that meets the criteria – which is an investment of at least $50m or employment opportunities for 500 or more – is eligible to apply. We then pick the few that are the most strategic for the country and support our Economic Recovery Plan. That plan identifies six target sectors: oil and gas, financial services, ICT, manufacturing, logistics and tourism. That is really what we are looking for.

Q: What are the benefits? 

A: With a golden licence comes white-glove treatment. That means a dedicated relationship manager in EDB, and fast-track services for everything the government can do to make sure the project is successful. From conceptualisation until it is fully operational, we will help with all necessary steps, be it connection to utilities, allocations of land and resources, introductions to strategic players or decision-makers in Bahrain, and customised and priority support from the labour fund to speed up the hiring, training and upskilling of young Bahrainees. We are making sure that everyone in government knows that this project is a priority. 

Q: Which projects are the five first golden licensees pursuing? 

A: The golden licence is attached to a particular project. The first five licences support the Citi Technology Hub, Eagle Hills Diyar’s residential development Marassi Al Bahrain, Infracorp’s development of Twiggy Beach Club & Residence, STC’s data centre campus and cable system, and Whampoa Group’s establishment of Singapore Gulf Bank which will be its digital banking arm in Bahrain. Investors would have to apply for another golden licence for a second project. 

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Q: How many do you expect to grant each year? 

A: We are very close to granting others. The initial idea is to grant up to 10 a year, but it depends on demand. The programme has really resonated with a lot of investors, locally and internationally. We already knew about some of their projects, but we didn’t know the details of others.

Q: The licence permits the review of laws and regulations where necessary. Can you elaborate?

A: The best example is what we did with AWS before we had the golden licence. They were interested in [investing in] Bahrain if we considered passing a data jurisdiction law, which treats data stored in local data centres similar to embassies. So if a foreign company hosts data in Bahrain, their jurisdiction over the data would follow. We realised this was strategic for Amazon and Bahrain, and [in 2018 it was] passed into law. That is the sort of thing we are willing to do, if we both agree on its strategic value.

Q: Is there a connection between golden licences and Bahrain’s golden visa programme which launched in 2022?

A: We are all familiar with golden visas which ensure that the right people, which can help us develop, feel welcome. The next logical step was to find a distinction for investments, to ensure we do everything we can to facilitate projects that are most beneficial to our economy.

This interview has been edited for clarity and brevity.