High oil prices fuel construction growth

High oil prices fuel construction growth
Published: 11 May 2005

High oil prices are helping to accelerate the momentum of Bahrain’s construction sector and its rising contribution to GDP is set to continue, says The Nass Group Executive, Sameer Abdulla Nass, whose Bahrain-based operation is involved in numerous major construction projects GCC-wide.  “High oil prices have boosted public and private sector confidence region-wide and one of the results has been increased spending on property development and other construction activity, creating a very buoyant and prosperous economic environment not only in Bahrain but also in several other markets in the GCC,” said Mr Nass. 

“The simple fact is that Bahrain is in the midst of what we believe is a sustainable construction sector boom: in our estimation the value of new projects in the Kingdom - which are either in progress or which have been just announced – currently totals more than BD 4 billion (US$ 10.7bn). With an order book confirmed up to 2007, and projects currently under tender in the range of around US $250m, we believe this positive trend will continue for the foreseeable future,” he added. 
 
Nass Group regional successes include Kuwait’s Polyethylene Plant (EQUATE), Umm Bab Cement Plant in Qatar and Qassim Cement Plant in Saudi Arabia, among others.