Bahrain non-oil infrastructure sector hits $6bn
Projects worth $3.7bn have been tendered and $1.3bn are under construction in Bahrain, where non-oil growth in Q3 2015 was 3.3%
Bahrain’s non-oil growth in Q3 2015 reached 3.3%, according to the latest Bahrain Economic Quarterly (BEQ) issued by the Economic Development Board (EDB).
BEQ stated it anticipates infrastructure growth in Bahrain, with $6bn (BHD2.2bn) projects allocated to the sector, $3.7bn (BHD1.39bn) tendered, and $1.3bn (BHD490.1m) commenced to date.
Infrastructure investments are also expected to spur construction sector growth in the country.
Growth in the first three quarters of the year hit 4.2% in the non-oil sector.
Overall growth in the economy reached 2.4% in the third quarter and 3% over the first three quarters as a whole.
Khalid Al Rumaihi, chief executive of EDB, said: “We are very encouraged by the resilience of the Bahraini non-oil sector in spite of the challenges it faces.
"On a regional level, the GCC economies remain in expansionary mode and the non-oil growth drivers across the region remain resilient.
“The resilience that the economy has demonstrated has helped to reassure investors, highlighting the progress that Bahrain and the wider region have made in diversification and the long term economic strengths that have underpinned growth in recent years," Al Rumaihi added.
According to EDB's report, hotels and restaurants, and the social and personal services sector (comprising private education and healthcare), were the key drivers of growth in the non-oil economy.
They reported a year-on-year growth of 8% and 6.3% in Q3 2015.
Transportation and communications grew by 6% in the quarter.