Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Bahrain Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The publisher has revised down its projection of construction industry growth in Bahrain to an expansion of 1.2% in 2023, compared with earlier projection of 4% growth rate. According to the Central Informatics Organization of Bahrain (CIO), the value add of the construction industry declined by 0.5% year-on-year (YoY) in Q2 2023, preceded by a Y-o-Y decline of 1.3% in Q1 2023 and growth of 0.1% in Q4 2022.
The decline is attributed to a contraction in the advances of construction loans, reflecting weak investors' confidence owing to rising interest rates. The decline in the construction industry is also attributed to delays in the execution of projects and a fall in the inflow of foreign direct investment in the construction sector.
The construction industry is expected to record an annual average growth rate of 4.4% over the remainder of the forecast period (2024-27), supported by investment in major infrastructure projects, renewable energy and oil and gas projects in line with Bahrain's Economic Vision 2030. As part of Bahrain's Economic Vision 2030, the government allocated BHD601.6 million ($1.6 billion) in August 2021 to finance Bahrain Field Oil & Gas Development and Expansion Program that includes oil and gas projects undertaken by the government-owned oil and natural gas company, Tatweer Petroleum which are scheduled to be completed by 2024.
Some of the major oil and gas projects undertaken by Tatweer Petroleum are the BHD169.2 million ($450 million) sustainable eco-friendly treatment plant project for Bahrain Oilfield Produced Water, the BHD135.4 million ($360 million) Non-Associated Gas Wells project and the BHD94 million ($250 million) Awali Oil Field Expansion project.
Forecast period growth will also be supported by the government's Industrial Sector Strategy (2022-26), as part of its economic recovery plan that was unveiled in December 2021. The strategy focuses on five main pillars: promoting local industries; improving investor experience; investing in infrastructure; updating legislations and providing career guidance.
Scope
- Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Bahrain, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 Risk Profile
4 Construction Outlook
4.1 All Construction
- Outlook
- Latest news and developments
4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
7 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/o1lp4z
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