Bahrain on Monday said it was introducing a new "golden licence" offering benefits to companies bringing large-scale investment projects to the small Gulf state as it seeks to reduce its debt.
The move is part of an economic recovery plan launched by the oil producing state in October 2021 to boost growth and job creation.
"Companies with major investment and strategic projects that will create more than 500 jobs in Bahrain, or those with investment value exceeding $50 million, will be eligible for the license," the government's media office said.
The golden license will be offered to local and foreign businesses and benefits include prioritised allocation of land, infrastructure and services, easier access to government services and support from government development funds, the statement said.
Bahrain's much larger Gulf neighbours the United Arab Emirates and Saudi Arabia have in the past few years been reforming their visa systems and making rafts of economic and legal reforms as regional competition for talent and investment heats up.
Bahrain, home to the U.S. Navy's Fifth Fleet, has been one of the most indebted states in the Gulf and was bailed out in 2018 by wealthy neighbours with an aid package of $10 billion tied to reforms aimed at attaining fiscal balance by 2024.
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Bahrain has been helped by higher oil prices and real gross domestic product grew 4.9% in 2022, its fastest rate since 2013.
Non-oil GDP growth was 6.2% in 2022, above the 5% target the recovery plan had set for the year.
