BAHRAIN is set to issue tenders for infrastructure development projects worth $4.4 billion over the next three years, said a report.
Following the announcement of infrastructure projects announced in January, new construction tenders are starting to be awarded for projects covering key sectors such as housing, utilities and education, according to the report by Oxford Business Group.
Nearly half of the projects’ total value, or $2.18 billion, will go to housing developments. This new round of projects represents the first wave of development that is being supported by the GCC Development Programme, a $10-billion aid package approved in 2011 and that will be disbursed over 10 years.
In January, Deputy Prime Minister Sheikh Khaled bin Abdullah Al Khalifa had announced plans to launch $4.43 billion worth of projects tied to the GCC aid package.
“The kingdom plans to build 2,500 houses next year, 1,400 in 2016 and push for another 5,000 units in 2017. These particular projects will be financed by development funds from Kuwait, Saudi Arabia and the UAE,” he stated.