Construction & Real Estate

With a raft of measures aimed at improving infrastructure, industry, housing and connectivity, the government of Bahrain has a $32bn investment strategy to accelerate economic diversification in the kingdom, providing abundant opportunities for the country’s construction sector. Even against a backdrop of falling oil prices that has seen the cancellation or deceleration of infrastructure investment in some neighbouring economies, Bahrain’s construction businesses have continued to outperform most other sectors. Some neighbouring GCC countries have stood by their 2011 commitment to finance $10bn in mega-projects in Bahrain over 10 years through the Gulf Development Fund (GDF), which has allowed construction to press ahead on some schemes despite a projected budget deficit of $4bn posted by the kingdom for both 2015 and 2016. According to Bahrain’s Economic Development Board, the aggregate value of GDF projects under way by August 2016 reached $4bn. This included a $1.1bn airport expansion project.

This chapter contains interviews with Faisal Faqeeh, Chairman, Bin Faqeeh Real Estate Investment Company; and Mohammed Khalil Alsayed, CEO, Ithmaar Development Company.