Albany, New York, March 08, 2017: Market Research Hub has recently announced the addition of a new report to it broad database titled as “Construction in Bahrain Key Trends and Opportunities to 2021”. In real terms, the Bahraini construction industrys output grew by 6.4% in 2016, following an average annual growth of 5.2% during the preceding four years.
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This increase can be attributed to favorable macroeconomic conditions, improvements in business confidence and consumer demand, and public and private sector investment in infrastructure and residential construction projects, leading to an increase in demand for the Bahraini construction industry. Consequently, in real terms, the construction industrys contribution to the countrys GDP increased from 6.7% in 2012 to 7.0% in 2015.
The construction industry is expected to continue to expand over the forecast period (20172021), with investments in infrastructure, residential and energy projects continuing to drive growth.
The focus on the development of transport infrastructure and the construction of affordable housing units will be key growth drivers. The industry growth will also be driven by the Bahrain Economic Vision 2030, under which the government aims to diversify the countrys economy away from oil and support economic growth.
The industrys output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 5.01% over the forecast period, compared to 5.73% during the review period (20122016).
Low oil prices are expected to undermine growth prospects during the early part of the forecast period. However, the governments early efforts to diversify the economy away from oil by focusing on non-oil sectors will create growth opportunities for the construction industry.
Timetrics ‘Construction in Bahrain, Key Trends and Opportunities to 2021′ report provides detailed market analysis, information and insights into the Bahraini construction industry, including:
The Bahraini construction industry’s growth prospects by market, project type and construction activity
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Analysis of equipment, material and service costs for each project type in Bahrain
Critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in the Bahraini construction industry
Profiles of the leading operators in the Bahraini construction industry
Data highlights of the largest construction projects in Bahrain
This report provides a comprehensive analysis of the construction industry in Bahrain. It provides:
Historical (2012-2016) and forecast (2017-2021) valuations of the construction industry in Bahrain using construction output and value-add methods
Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by project type
Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)
Analysis of key construction industry issues, including regulation, cost management, funding and pricing
Detailed profiles of the leading construction companies in Bahrain
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The government is focusing on improvements to the countrys infrastructure to boost the performance of non-oil sector. As a result, the countrys non-oil economy is expected to record growth of 2.4% in 2017. According to the Economic Development Board (EDB), the country is currently in the process of implementing infrastructure construction projects with a value of BHD12.0 billion (US$32.0 billion).
Housing supply in Bahrain is relatively low compared to demand, which provides opportunities for residential developers. Accordingly, in a bid to provide affordable housing to meet demand from lower- and middle-income groups, the government set a target of constructing 65,000 social housing units across the country by 2020 under the Government Action Plan.
The government is focusing on the expansion and modernization of airport infrastructure, with an aim to improve airport services and build a world-class aviation infrastructure to meet the expected rises in passenger, cargo and air traffic. Accordingly, the government is developing Bahrain International Airport (BIA) under the Airport Modernisation Programme. In 2016, a joint venture of the Dubai-based Arabtec Construction and Turkey’s TAV Construction won a contract to construct a new terminal at BIA.
The Bahraini construction industrys growth will be driven by government plans to increase the share of renewable energy in terms of total energy consumption, and encourage investment in renewable energy infrastructure. Accordingly, the Bahraini cabinet approved the National Plan for Renewable Energy in January 2017, to achieve sustainable development and energy efficiency.
The government is seeking help from foreign investors to improve the countrys infrastructure. In August 2016, the Bahraini government signed seven contracts worth BHD148.5 million (US$395.0 million) with Kuwait and the UAE to carry out housing and infrastructure construction projects in the country.
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