How Bahrain aims to open economy further to foreign firms

Bahrain has reportedly approved plans for foreign companies to set up subsidiaries which will be able to do business without local partners.

The country's Cabinet, chaired by Prime Minister Prince Khalifa bin Salman Al Khalifa, endorsed the new regulation on Monday as part of efforts to boost the national economy, local media reported.

According to reports, the move comes two years after Bahrain approved 100 percent business ownership in certain sectors.

The new rule is based on Article 345 of Decree 28 of 2015, amending provisions of a corporate law issued in 2001, local media said.

The UAE approved new rules allowing 100 percent foreign ownership of companies in the country in May, something previously limited to those companies based in free zones.