Bahrain contractors are looking for an industry rebound any time, including $1.628 billion (or BD 614 million) in projects set to roll out in 2012 based on information in a new report.
Global market research company Research and Markets stated that the industry figures will increase from last year’s amount of $1.223 billion (or BD 461 million).
It was stated in the report that the construction sector in Bahrain experienced a major decline over the past few years thanks to the worldwide economic crisis.
Signs within the industry are positive now and indicate that growth will be seen over the next two year period, if only moderately.
The report also stated that a $976 million (or BD 368 million) drop was seen between 2008 and 2009, when awarded contracts declined from the $2.199 billion level (or BD 829 million) to hit $1.223 billion (or BD 461 million).
The construction sector in Bahrain has been one of the Middle East’s major victims of this global downturn.
Thanks to open trading policies and a good link system, Bahrain has been noted to be the commercial and financial hub of the Mid East region.
The nation was one of the few areas within the GCC that saw positive numbers for economic growth during the worldwide economic crisis of 2009 and early 2010.
But the open climate has also pushed the construction sector into a vulnerable position, where it felt the effects of the downturn in a big way.
The Bahrain Bay Development is currently one of the largest projects in the nation and home to the premiere Four Seasons Hotel in Bahrain. Durrat Al Bahrain is another major development, with $6 billion (or BD 2.2 billion) marked for the 20 square kilometer multi-use city.
The research firm’s report looks at the factors shaping growth in the construction sector of Bahrain, including social and political factors, regulations and laws, as well as technological and environmental factors.Andrew Reid, Staff Writer, Gulf Jobs Market News