Bahrain has historically had the smallest projects market in the region, which is not surprising given it has the smallest economy and population of all the GCC states. However, it is also the only market along with the UAE to have shown growth in contract awards over the past three years. With only limited oil and gas reserves of its own, its projects market has grown to be less dependent on the crude price, and therefore more capable of withstanding the bearish market.
It has also benefited from external funding. Last year the cash-strapped government turned to its neighbours for help, and received a commitment of
$10bn from the UAE, Saudi Arabia and Kuwait. A number of infrastructure projects in the kingdom have been financed directly by the three allies over the past three years, and the renewed monetary assistance will also be used to help pay for key infrastructure schemes, providing some stability to the market.
That said, the local market is never going to offer the same kind of breadth and depth of opportunities found elsewhere in the region. Thanks to its tenderboard, it is however a transparent market in which international and local contractors alike have had plenty of success, boosted by a highly supportive business environment.
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“MEED Projects allows our sales team across the region to track upcoming projects quickly and efficiently, saving time and helping us to effectively target potential customers. It has certainly played a role in developing our market knowledge and it’s continuing to support rapid growth in the Aconex business.”ACONEX
“MEED Projects is an excellent tool for Ducab as it helps our sales department access updates on the latest GCC projects market in great detail. Their research team does a great job in keeping Ducab abreast with reliable information on movements in the projects from inception to completion.”DUCAB