A new law has been passed in Bahrain that will allow foreign investors to have full ownership of various business assets in the market. The rule was approved by the government at a cabinet session that was directed by Prime Minister Prince Al Khalifa.
This decree will be similar to the one that was announced earlier in June by the government of Saudi Arabia which allowed foreigners to have full ownership of retail and wholesale enterprises in the nation. However for Bahrain the different sectors that the new ownership rule will apply to are residency, real estate, entertainment and leisure, food and administrative services and much more.
This decision is said to increase the number of investors that want to set up their businesses in Bahrain and boost the growth of the country’s property market, according to Real estate consultants in Dubai.
Bahrain has some of the most attractive residential and commercial rents in terms of value in the Gulf, giving its property market a competitive advantage over other locations in the region.
Not only will it attract companies from around the world to set up in the region and have a presence in the Middle East, but it will also give Bahrain the ability to compete with the other mega free zones and business hubs of the region.
According to Harry Goodson-Wickes, head of Cluttons Bahrain and Saudi Arabia, the new law will improve investor confidence in the country and make it a more appealing location for people to work and reside in.
Due to the massive decline in oil prices two years ago, the economic growth of in the country has been minimal. Full foreign ownership will has many positive implications for business and will be a very important development for Bahrain as a whole.