Bahrain, the nation made up of over 30 islands in the Arabian Gulf is planning to issue ten-year residency permits to foreign investors on a self-sponsored basis.

In a statement published in the country's official news agency, BNA said that the Crown Prince Salman Bin Hamad Al Khalifa "has instructed the Minister of Interior to prepare a draft edict to create a new self-sponsorship residency permit for foreign investors. Under the 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."

It further said that the country was affirming the importance of its Economic Vision 2030 to bring development across all areas including advancement of public services to aid an economic environment that would help investment grow in key sectors.

The nation now looks to make significant advancement in the fields of tourism, logistics, manufacturing, ICT, oil and gas sectors and financial services.

This move comes after UAE made changes to allow 100 percent ownership in business for foreigners along with ten-year residency visas for specialists in science, medicine, and other technical fields.

These middle eastern countries are now looking to reduce their dependency on oil incomes and also create more job opportunities for locals through new businesses.