Arab Today, arab today gulfbid to gather top construction firms
Last Updated : GMT 05:10:43
Arab Today, arab today
Arab Today, arab today

GulfBID to gather top construction firms

Arab Today, arab today

Arab Today, arab today GulfBID to gather top construction firms

Manama - Bna

GulfBID, the annual exhibition in Bahrain for the Northern Gulf’s construction industry, will bring together some of the leading names in the specialist construction, contracting and related sectors showcasing their brands, equipment and services. Organised by Bahrain-based Hilal Conferences and Exhibitions (HCE), GulfBID will run from April 24 to 26 at Hall 1 of the Bahrain International Exhibition and Convention Centre (BIECC). Jubran Abdulrahman, managing director, HCE said: “The fact that some of the region’s most prominent and influential construction-related companies will converge at gulfBID next month is a reiteration of Bahrain’s geographically-strategic status in a region undergoing massive development and huge investment, whether in the provision of housing, industrial expansion or transport and infrastructure growth.” With high oil prices bankrolling massive new construction and infrastructure spending as prime economic growth drivers in the Gulf region, the construction and projects sectors continue to provide fertile ground for construction and contracting specialists. According to regional media reports, Saudi Arabia alone has $163 billion worth of projects in the concept stages. The Saudi Gazette recently reported that $66 billion worth of contracts were awarded in the Kingdom last year, with a further $300 billion-worth in the pipeline. In Qatar, Gulf Construction magazine quotes QNB Capital as expecting $185 billion worth of projects to be launched in the run up to the 2022 World Cup. In Bahrain, meanwhile, the energy sector will be subject to a $20 billion long-term investment programme including new facilities, while a $530 million revamp of the Central Market and up to $1 billion in new housing schemes are among the capital-intensive projects to be developed. GCC contractors are in particular increasingly focused on manufacturing and sourcing supplies in the region. Abdulrahman noted: “Despite the huge construction contracts being awarded, the market is more competitive than ever, especially for contractors whose prime focus is inherently on managing project risk and completing on budget. gulfBID takes into account the highly competitive environment in which contractors seek to balance risk against rewards in a shrinking margin business to maintain profit levels.” “Nowhere is this highly competitive spirit more true than in Bahrain, where a number of large construction and infrastructure projects are set for launch. gulfBID is therefore the ideal platform for these companies to set out their stall,” he concluded.

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