CR Activities with Foreign Ownership Capped at 49% or Below in Bahrain

The activities in this list are the ones where MOIC applies a 49% ceiling on foreign shareholding. A foreign investor can still register a company in these categories, but a Bahraini national must hold the majority – at least 51% of the shares.

Why does Bahrain cap ownership in these sectors? The activities on this list generally sit within sectors where Bahrain has a policy interest in maintaining local participation – typically retail trade, some import-based activities, and certain consumer-facing service categories. The logic is that sectors serving the domestic population should retain meaningful Bahraini ownership.

For investors interested in these activities, the structure that usually works is: foreign investor holds 49%, Bahraini partner holds 51%, with a well-drafted shareholders’ agreement that governs decision-making, profit sharing, and exit rights. The agreement does not affect the legal ownership percentages, but it can substantially define how the company actually operates day to day.

The full MOIC list of 49%-capped activities is in the table below. If you are comparing this list against the 100% foreigner-permitted list, any activity that does not appear in the open list defaults to restricted – which often means a 49% cap applies.

Before entering into a Bahraini-partner arrangement, get legal advice on the shareholders’ agreement. We can refer you to qualified Bahraini lawyers who handle these structures regularly. Get in touch to discuss your options.

Business Activity Name	ISIC4 Code	Activity Status
Fishing	31	Restricted
Traditional Baker	10711	Not Restricted
Construction of buildings	41	Not Restricted
Construction of roads and railways	421	Not Restricted
Construction of utility projects	422	Not Restricted
Construction of other civil engineering projects	429	Not Restricted
Demolition and site preparation	431	Not Restricted
Offshore Reclamation	43129	Not Restricted
Electrical Installation	4321	Not Restricted
Heat, Air-Conditioning and Refrigeration Installation and Maintenance	43221	Not Restricted
Plumbing and Sanitary ware fixing	43223	Not Restricted
Other construction installation	4329	Not Restricted
Building completion, finishing, and decor	433	Not Restricted
Other specialized construction activities	439	Not Restricted
Sale/Trade of souvenirs, craft work, religious articles, stamps and coins; Activities of commercial art galleries – Crafts activities	47736	Not Restricted
Sale/Trade of other miscellaneous articles/goods	47739	Merged
Passenger Air Transport – Schedule Passengers airline services	5110	Not Restricted
Sea Freight Agent	5229021	Not Restricted
Shipping Agent	5229022	Not Restricted
Air Cargo Agent	522903	Not Restricted
Accounting Activities – Booking-keeping / Accounting firms	692	Not Restricted
Pearl Testing Laboratory	7120901	Restricted
Private security activities	801	Not Restricted