Foreign investors in Bahrain will be able to acquire 100 percent business ownership in various sector as government approves amendment to existing Commercial Companies Law.
The decision was passed at yesterday’s cabinet session headed by Prime Minister Prince Khalifa Al Khalifa, reported Gulf Daily News.
The new law is meant to ‘spur growth, generate rewarding jobs for citizens, and attract businessmen to invest in various economic sectors,’ according to the cabinet.
It is also meant to enhance the government’s performance and revive certain trade segments.
“Bahrain will stand a good chance to improve its rating on the index of Facility of Starting Business – an asset which will encourage leading international firms to establish in Bahrain – the gate to the GCC and the region,” said the cabinet in a statement.
The new law will allow 100 percent ownership in residency, food, administrative services, arts, entertainment and leisure, health and social work, information and communications, manufacturing, mining and quarrying, water supplying and professional, scientific, technical and real estate activities.
According to Bahrain Chamber of Commerce and Industry committee member Khalid Al Ameen, it was "about time" for Bahrain to allow foreign investors full ownership.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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