Bahrain’s Crown Prince has given instructions to prepare draft legislation which will allow the foreign investors to have a self-sponsored residency permit. This permit will be renewable and is for ten years only. Bahrain like other Arab countries is also trying to gain more attention from foreign investors. According to an official news agency, the Interior Minister Shaikh Rashid Bin Abdullah Al Khalifa says that it is an important step towards Bahrain’s Economic Vision 2030. He added, “It will instill, sustainability, competitiveness, and justice – across all development areas.”
According to the Prime Minister, it is important that the foreign investors take part in the Economy of Bahrain. He said, there is a zero-tolerance policy for delaying the issuance of the licenses for foreign investors and businessmen.
The government of Bahrain is keen to improve country’s economy in every field of life. Prince Selman said in the meeting that for Bahrain to grow it is important to simplify the procedures for foreign investors. He said that simplifying the procedures will ensure that the foreign investors and businessmen take an interest in the country’s investment areas.
To ensure that Bahrain meets its “Economic Vision 2030”, it is important that the businessmen and investors have more freedom. In the light of the current global economic condition, the Prince in issued an order to prepare a draft legislation which will allow foreign investors to have a self-sponsorship residency permit for ten years. The cost of the permit is 600 Dinars. The fee for two years residency-permit will be 200 dinars and 400 for a 4-year residency permit.
The Crown Prince made many visits to Majalises in the country, during the start of Ramadan. The Prince has prioritized initiatives to be taken which improve efficiency and underline “the importance of simplifying procedures within the logistics sector as a catalyst for growth given the industry’s ability to increase the competitive power of national corporations in today’s interconnected global economy.”
He also added that it is vital for the country to advance in the tourism, ICT, manufacturing, and financial services, oil & gas sectors. With the advancement in these sectors, the foreign investors will be more attracted, and it will also increase employment opportunities in Bahrain.
Soon after the decision to give the ten-year residency permit was made, it was applauded by the business community in and outside Bahrain. The business community in the country is positive that it will bring more potential in the kingdom. One of the business leaders Ahlam Janahi said that it is a positive move. She also added “Such a step further “Concretises” the aspirations of the Bahrain Economic Vision 2030.”