The Tender Board in Bahrain said it has awarded $2.7 billion worth of contracts in the first three quarters of 2020, despite the ‘debilitating’ impact of COVID-19 on the global economy.
The oil sector saw the highest value of contracts awarded, at $733.7 million, while construction and engineering received US $704.8 million, the tender board said in a statement.
This was followed by the aviation sector, the materials and equipment sector, and the services sector.
The tender board described the figures as ‘robust’ despite the ‘debilitating’ impact of the COVID-19 pandemic.
Chairman Shaikh Nayef bin Khalid Al Khalifa said: “This robust performance is indicative of Bahrain’s commitment and ability to remain open for business even in times of crisis.
“Of particular note is the consistently high value of contracts in the kingdom’s thriving construction and engineering sector, testament to the rich opportunity on offer owing to our extensive, multi-billion-dollar pipeline of projects there.”
The Bahrain Tender Board data also showed the biggest spenders on contracts.
Tatweer Petroleum topped the list for highest total value of tenders issued, worth a $711.7 million, followed by Gulf Air followed with $488 million worth of tenders, followed by the Electricity and Water Authority; the Ministry of Works, Municipalities Affairs and Urban Planning, and the Ministry of Housing.
Bahrain has changed its strategy for infrastructure projects, shifting to a phased approach to stop projects from competing with each other.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
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© ZAWYA 2020