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BAHRAIN CONSTRUCTION MARKET UPDATES
Bahrain has over US$85BN worth of active projects. Despite the many issues brought on throughout this year, Bahrain has been progressing through agreements, projects, and injections into the economy.
Due to the unceasing efforts of Bahrain, in August 2020 Manama got ranked 1st place in ‘AIRNIC’, which ranks global cities based on costs and living conditions, financial and lifestyle attractiveness.
Bahrain’s Cabinet approved an economic package worth US$11.3 billion to offset the impact of COVID. The eight financial initiatives include a waiver on electricity and water bills for all accounts including individuals and commercial for three months and a delay of bank loan instalments for six months for those impacted by the virus.
Bahrain's government spent $570 million in salaries for 100,000 private sector workers from April to June to help with the impact of the coronavirus outbreak.
TRENDING CONSTRUCTION PROJECTS
Bahrain Economic Updates
Economic Intelligence Unit states, higher oil prices and strong investment in infrastructure will boost GDP growth to 3.4% in 2022.
According to S&P, the government plans to boost non-oil revenue starting in 2023 by increasing fees and other measures that will support the economy.
Higher VAT (doubles its VAT rate to 10% as of 2022) and oil revenues will help to narrow Bahrain’s budget deficit to under 4% of GDP in 2022
The government unveiled details of an initiative that seeks to attract US$ 2.5 billion in foreign direct investment (FDI) by 2023.
Number of projects underway focus on education, health, social development, youth, sports and industry.
The team of researchers at Ventures ONSITE takes it unto itself to ensure that all construction projects in Bahrain are actively monitored and updated on a daily basis. All of this is done to fulfill our commitment to providing timely and accurate information to our clients to ensure that they gain an edge over their competitors and make well-informed decisions.
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