Nearly $790bn in trade between Bahrain and KSA
The Kingdom of Saudi Arabia (KSA) accounted for almost half of all GCC trade with Bahrain during the first quarter of 2021. Non-oil trade between the two countries reached SR2.96 billion ($789 million) according to the latest figures released by Bahrain’s eGovernment and Information Authority; reflecting both Kingdoms’ commitment to ongoing economic diversification.
The continuous flow of trade is largely due to the uninterrupted movement of commercial goods between the two countries via the King Fahd Causeway. New logistics technology and the introduction of the Authorized Economic Operator (AEO) program that expedites processing for multinationals based in Bahrain and Saudi Arabia has cut the waiting period for trucks from an average of four hours to 20 minutes.
Discussing the trade figures between KSA and Bahrain, Ali Al Mudaifa, executive director of Bahrain’s Economic Development Board said: “Bahrain’s trading relationships continue to grow strongly. Bahrain offers the region’s best value operating costs and great connectivity – only a 40-minute drive away from the region’s biggest market – coupled with the introduction of the AEO and advanced logistics technology have helped to drive increased trade. It is great to see both Kingdoms working to find creative solutions to keep business flowing across our borders.”
The total value of trade in between the GCC and Bahrain reached SR6.6 billion ($1.76 billion), a rise of 6 percent from Q1 2020. Reaching second place in GCC trade with Bahrain is the UAE, recording SR2.4 billion ($639 million), an increase of 15 percent from Q1 2020. Trade with Oman also showed a significant increase, reaching SR862 million ($230 million), a 27 percent rise from Q1 2020. Oman was followed by Kuwait, recording SR 367 million ($98 million) in bilateral trade in Q1 2021.
The value of global imports increased by 4 percent, reaching SR13.2 billion ($3.52 billion) during the first quarter of 2021. Exports of nationally produced products from Bahrain increased by 18 percent, reaching SR6.75 billion ($1.811 billion) globally. The manufacturing sector is a key driver of the Kingdom’s economic diversification and a significant and consistent contributor to Bahrain’s economy accounting for 14.5 per cent of the GDP.
GCC passenger car market to grow at 6.68pc CAGR
GCC passenger car market, valued $26.23 billion in 2020, is projected to grow at CAGR of 8.73 per cent in the next five years to reach $46.12 billion until 2026, according to TechSci Research report.
Growing disposable income, expanding road infrastructure coupled with lower cost of the fuel are the primary factors for the growth of the passenger car market in GCC.
In 2017, the ban on women driving was lifted in the Kingdom of Saudi Arabia and since then there is an increase in women drivers and hence the demand is witnessed to increase from this segment and is susceptible to propel the market in the forecast period as well. The GCC passenger car market is majorly dominated by the UAE and the Kingdom of Saudi Arabia owing to better per capita earnings of the consumers in the region.
GCC passenger car market can be segmented based on vehicle type, fuel type, transmission type, end user and country. In terms of vehicle type, the sedan car segment accounts for the largest share but due to an increase in the service sector, demand for personal transportation is increasing and hence giving rise to the hatchback car segment.
Toyota Motor Corporation, Nissan Motor Company, Ltd., Hyundai Motor Company, Mitsubishi Motors Corporation, Kia Corporation, etc., are among some of the leading players operating in the GCC passenger car market.
“In 2020, the Kingdom of Saudi Arabia accounted for the largest share i.e., 54.27 per cent in the GCC passenger car market. The country is expected to maintain its dominance over the next five years as well, but the UAE is giving neck to neck competition. Increase in partnerships with local dealers and distributors and expanding per capita income in the region is boosting demand for passenger cars in the UAE,” said Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Global roofing materials’ market to top $159bn
The international roofing materials industry is poised for solid growth over the next six years, which is estimated to hit over $159 billion by 2027, according to Global Market Insights.
Rising concern over energy-efficient roofing solutions, growing demand for renovation and refurbishment projects, and R&D investments in product developments will positively impact the market growth over the forecast timeframe, it stated.
Growing concern for energy consumption across the developed economies along with increased awareness about energy-efficient roofing solutions is expected to drive the market growth over the forecast timeframe. The rising popularity of green building products in Germany, the US and other European economies coupled with the usage of energy-efficient shingles in these buildings is expected to drive product demand. The rapid urbanisation in emerging economies and easy availability of financing options will further support residential construction industry, thereby offering lucrative opportunities for roofing products, stated the report. According to the report, concrete and clay tile materials are predicted to generate $36 billion revenue by 2027.
Produced water treatment market to hit $187.4bn
The produced water treatment sector is likely to expand considerably over the next 10 years with its market value set to hit $187.4 billion by 2031, according to a report by Transparency Market Research.
Produced water is the reservoir water that is produced along with the oil and gas phase. Alternatively, the water is discharged to the sea or sewerage.
All produced water contains oil and suspended solids, while some produced water contains heavy metals and traces of naturally occurring radioactive material, which over time deposits radioactive scale in the piping at the well. Metals found in produced water include zinc, lead, manganese, iron, and barium.
In terms of revenue, the global produced water treatment market is estimated to expand at a CAGR of 5 per cent during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global produced water treatment market.
The Middle East & Africa market too is projected to expand significantly during the forecast period, owing to a large presence of major oil and gas producers in the region, owing to a large presence of major oil and gas producers in the region and enactment of stringent regulations by governments on the discharge of produced water, it stated.
Saudi Arabia dominated the produced water treatment market in Middle East & Africa last year, it added.