Business community applauds 10-year residency initiative

By Nayla Barakat Manama: Leading businesses people have applauded the plan to provide 10-year renewable residency permits on a self-sponsorship basis to foreign investors and termed it as a right step for creating an attractive investment climate and further consolidating the Kingdom’s position as a destination of choice for investors. The business community was reacting to the directive by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister to issue the 10-year residency to foreign investors. “Of course, it is an excellent move for Bahrain from HRH Crown Prince. I believe, Bahrain is an open economy and this decision will further strengthen the economic sector,” Ahlam Janahi, a leading businesswoman, and former director of Bahrain Chamber of Commerce and Industry (BCCI), told the BNA. “While this initiative will attract more investments, it will also open new job opportunities for Bahrainis and reduce the unemployment rate. Once it is implemented it will also help to widen the scope for local investors for joint ventures with foreign investors. We appreciate and thank HRH Crown Prince for this positive change of residency possibilities for foreign investors.” The initiative will spur a new era for the development and sustainability of the small and medium enterprises (SMEs) in specific, and businesses in general, she added. “This move will surely develop the SMEs sector and give a boost for more investments. The inflow of foreign investments into SMEs will have a profound impact on the private sector as 95 per cent of businesses revolve around the SMEs. It is the source and engine to boost the economy for a healthy investment,” Ahlam said. “We believe that the 2030 Vision of Bahrain is being steadily fulfilled and new initiatives including the latest one by HRH the Crown Prince are setting the stage to achieve all the objectives laid down in the Vision. I believe HRH’s wise decision will take Bahrain to a next level of investors’ friendly economies in the world.” Mohammed Al Kooheji, a businessman and Deputy Chairman at the Bahrain Chamber of Commerce and Industry, said this decision by HRH the Crown Prince comes as a great confidence in investors, both local and foreigners. “It is a great move that will boost the investment climate to achieve growth and promote the Kingdom as a global economic destination. The 10-year residency for investors will give them more confidence for business investments, as they begin to feel at home.” “Bahrain has a friendly environment for businesses. We as business community welcome this move announced by HRH Crown Prince,” Abdulhakeem Shemmari, a businessman, former parliamentarian and the BCCI Board member, said. He added that any decision that gives business sector growth is welcomed. “This step will bolster the inflow of foreign investments into the Kingdom’s economy and help in achieving the private sector’s role as a strong engine of growth,” he added. On Tuesday, His Royal Highness the Crown Prince instructed the Interior Minister to prepare a draft edict to allow self-sponsorship residency for foreign investors. Under new system, which is designed to reinforce Bahrain’s position as an investment destination, foreign investors will be able to obtain a 10-year, renewable residency permit on a self-sponsorship basis.