Bahraini official says $22bn projects in pipeline
'Significant investment' in large scale developments across the real estate, industrial, services, tourism and infrastructure sectors expected
Bahrain’s information minister has announced $22 billion will be invested in projects across financial, industrial, tourism or services over the next 12 months.
Speaking during a post-cabinet meeting press conference in Manama yesterday, Isa bin Abdulrahman Al-Hammadi told reporters that significant investment in construction projects and into large scale developments across the real estate, industrial, services, tourism and infrastructure sectors would benefit all Bahrainis.
“The government is working to improve the infrastructure and urban planning to allow the set-up of investments with ease over the next few years,” Al Hammadi said, adding “We want to give the private sector a bigger role in the development of the country and the time when the government did everything is over.
“As announced earlier, we are looking to have investments worth $22 billion in various sectors whether financial, industrial, tourism or services.
“There is a capacity for more as we work to help ease the setting up of businesses and we have our own projects to support what comes next.”
Those projects include the enormous $4.8 bn upgrade of Bahrain International Airport, the development of Al Jazair Beach, investment projects in Durrat Al Bahrain, expansion of Alba's (Aluminium Bahrain) smelter, and the expansion project being carried out by Bapco (Bahrain Petroleum Company).
Over the past 12 months, Manama’s municipal authorities issued a total of 9,203 public construction permits, providing an additional 5.6 million square metres of land for trade, administrative and investment projects. They also issued 971 building permits for investment projects, with more than 400 of them for multi-storey projects.
Earlier this week, Bahraini government officials said they were to oversee the resumption of works on several stalled projects in the country. Consutlacy Cluttons said that the government had engaged Gulf Finance House and Saudi-based Al Rajhi Bank to kickstart projects such as the Villamar project in the Bahrain Financial Harbour. A further nine residential projects are expected to see a resumption in work this year, with Amwaj Gateway Towers, Marina West and Riffa Views all earmarked for completion.