Projects market expected to pick up in second half: MEED

ManamaThe country’s projects contract market is set to pick up in the second half of this year, according to MEED Projects.

While Bahrain has seen a significant drop in the total value of contracts awarded in the first six months of this year, it is expected to pick up in the second half of this year. 

In Bahrain, the value dropped 84 per cent to $917 million, MEED Projects revealed. In the GCC, the value dropped from $69.3 billion last year to $56.1 billion this year. The drop in value of contracts awarded was not unexpected as the slump in oil prices have been increasingly affecting government spending in recent years. 

United Arab Emirates saw a 13 per cent drop to $21.3 billion while Kuwait saw a 46 per cent drop to $6.9 billion. Only Saudi Arabia saw an increase in contracts awarded, the value of contracts awarded in the Kingdom rose 12 per cent this year. 

“There’s no doubt that the past two years have been tough for the projects supply chain as government spending has slowed. But with construction companies now more efficient, the private sector more active and the number of public-private partnership projects growing by the week, there is cause for optimism,” said Ed James, director of content and analysis at MEED Projects.

“Although market performance year to date has been sluggish, there have been signs of a pick-up in activity. The award of more than $5 billion worth of EPC contracts on the new Duqm refinery in Oman at the beginning of August, plus a raft of new project announcements in Dubai, and the gradual re-emergence of activity in Saudi Arabia have provided a degree of impetus that points to a strengthening market,” he said. 

“Currently, there are over $2 trillion of known active projects in the pipeline across the GCC, according to MEED Projects data. The majority of these are infrastructure schemes that are essential to the future prosperity of the region, job creation and economic diversification. While inevitably not all will come to fruition, we can be confident that there is still a large amount of work to come regardless of the oil price,” he said.



article-image

Family reiterates plea for help

Housing Ministry has been urged to immediately look into the condition of a dilapidated house in Karzakkan village, as the safety of its four Bahraini inhabitants, including a bedridden man, is threatened by its cracked walls and unstable roof.  A team from the ministry had vis

article-image

New law to curb free visa trading

The Parliament will this week vote on a draft law that will impose stricter penalties on those involved in selling work visas. According to the new law, fines will be increased from the existing BD1,000 to BD8,000 apart from one year imprisonment. MP Adel Al Asoomi said the proposed law aims at

article-image

Expat in ordeal as wife gets deported

An expat, who lost his voice after suffering a physical disorder, is stuck in the Kingdom as his wife was deported. Abdul Quam, 65, came to Bahrain as a labourer and a year ago he was diagnosed with a peculiar medical condition. With an aim to take care of her husband apart from finding a job f

article-image

Expat commits suicide at labour camp

An expat committed suicide yesterday allegedly over unpaid salaries at his labour accommodation in Tubli. The deceased was identified as Indian national Gurpreet Singh, who was working as a heavy vehicle driver for a contracting company. He was found hanging in his room. Sources said Gurpreet w

article-image

More losers, less winners in routine CR gamble

Many Bahrainis are in a tight spot after renting out their Commercial Registration (CRs) licences to expats in their bid to make easy money. Sources say it is quite common for small scale expat businessmen to approach Bahrainis for their CRs as the Kingdom’s law doesn’t allow them t

article-image

Comply with summer ban to ensure workers’ safety

Labour and Social Development Minister Jameel Humaidan has called on all companies and private sector institutions to comply with the decision to ban open-air work from noon to 4 pm in July and August. The ministry introduced the ban in 2013 and has pledged a strict zero tolerance policy toward


  • Predict & Win - Fifa world cup 2018
article-image

Legendary Aston Martin driven by James Bond is found

A legendary Aston Martin driven by James Bond in Goldfinger could have been found more than twenty years after it was stolen from a Florida airport. The 1964 DB5 - which was equipped with machine guns and tyre-bursting blades for Sean Connery’s 007 - could have been found in the Middle Ea

article-image

New law to curb free visa trading

The Parliament will this week vote on a draft law that will impose stricter penalties on those involved in selling work visas. According to the new law, fines will be increased from the existing BD1,000 to BD8,000 apart from one year imprisonment. MP Adel Al Asoomi said the proposed law aims at

article-image

Expat in ordeal as wife gets deported

An expat, who lost his voice after suffering a physical disorder, is stuck in the Kingdom as his wife was deported. Abdul Quam, 65, came to Bahrain as a labourer and a year ago he was diagnosed with a peculiar medical condition. With an aim to take care of her husband apart from finding a job f

article-image

French jogger detained after crossing US-Canada border

A young French woman who went for an evening jog along a Canadian beach spent two weeks in US immigration detention after straying across the border. Cedella Roman, 19, who was visiting her mother in British Columbia, decided to run along the beach that leads to Canada’s border with the U

article-image

Netflix chief spokesman axed over use of N-word

Netflix sacked its chief spokesman Jonathan Friedland, he revealed on Friday, after he used the N-word twice in the space of a few days during meetings with staff. The head of communications announced his departure after being upbraided for a second time for using the racial slur, which i

article-image

Thousands join march to call for Brexit deal referendum

Around 100,000 supporters of the European Union marched through central London yesterday to demand that the British government hold a final public vote on the terms of Brexit, organisers said. Protesters packed the main arteries of the capital, waving British, Irish and European flags and

article-image

Dealers cheer as driving ban goes

Cradling her four-month-old daughter, Nour Obeid scans the car showroom and heads to the mid-sized SUVs. In the past, a woman looking to buy a car in Saudi Arabia would focus on the features in the back, but Obeid is checking out the driver’s seat, picturing herself doing grocery st

article-image

Evil dead sequel will happen

Director Fede Alvarez said there is a ‘possibility’ that he may come up with a sequel to his ‘Evil Dead’ reboot. Last week the filmmaker agreed on Twitter to make a sequel to his 2013 film. “I love those movies. Making my ‘Evil Dead’ was an amazin

article-image

Nick Jonas shows love for Priyanka on social media

Priyanka Chopra and Nick Jonas have consistently been spotted together, but never confirmed their relationship publicly. But the American singer-songwriter has finally confirmed the status with the actress on social media. Jonas, 25, took the huge step of sharing a post on Instagram of Pr