Bahrain signs $2.7bn in new tenders during first nine months

Bahrain signs $2.7bn in new tenders during first nine months
The oil sector accounted for 134 tenders worth $733.8 million. (File/AFP)
Short Url
Updated 29 November 2020

Bahrain signs $2.7bn in new tenders during first nine months

Bahrain signs $2.7bn in new tenders during first nine months
  • Oil, construction and engineering dominate rankings, figures show

DUBAI: Bahrain awarded 1,022 government tenders in the first nine months of 2020, worth a total of $2.7 billion, with the oil sector taking the lion’s share, according to official figures released on Sunday.

According to Bahrain’s Tender Board, the Kingdom’s government procurement regulator, the oil sector accounted for 134 tenders worth $733.8 million, followed by the construction and engineering industry (162 tenders, $704.8 million), aviation sector (143 tenders, $501.3 million) and materials and equipment sector (231 tenders, $471.5 million).

While the services sector trailed near the end with $256 million of contracts, it had the highest volume of deals on offer, with 361 tenders over the same period.

The Tender Board also revealed the largest purchasing authorities, led by Tatweer Petroleum with $711.7 million of contracts, followed by Gulf Air ($488 million) and the Electricity & Water Authority ($343.6 million).

Commenting on the new data, Sheikh Nayef bin Khalid Al-Khalifa, chairman of the Tender Board, 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, multibillion-dollar pipeline of projects there.”

Like many economies around the world, Bahrain has been struggling amid the coronavirus pandemic and its economy contracted by 8.9 percent year-on-year in the second quarter of this year, it was reported in September. The hardest hit sector was the hotel and restaurant industry, which saw activity decline by 61.3 percent compared with the same period in 2019.


Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan
Updated 17 January 2021

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan
  • The bank expects economic growth of 6.6% in 2021
  • Biden outlined a $1.9 trillion stimulus package proposal on Thursday

Analysts at Goldman Sachs Group raised their U.S. growth forecast for the second time this month on expectations that President-elect Joe Biden’s fiscal stimulus plan will hasten the economy’s recovery from the COVID-19 pandemic.
The bank expects economic growth of 6.6% in 2021, compared with a previous forecast of 6.4%, according to a report published on Saturday. It also raised forecasts for how much stimulus the new administration will be able to push through in the near-term, to $1.1 trillion from $750 billion.
Biden outlined a $1.9 trillion stimulus package proposal on Thursday, saying bold investment was needed to jump-start the economy and accelerate the distribution of vaccines to bring the coronavirus under control.
“Larger boosts to disposable income and government spending imply stronger growth later in the year,” the bank’s analysts wrote.