Decrease in the value of the country’s projects market results in the Gulf projects index falling
Biggest contract: $1.5bn
Awarded to consortium led by Turkey’s TAV Airports Holding Company for Medina airport expansion
$2.2bn: Value of major contract awards
4: Number of contracts awarded
A further decrease in the value of Bahrain’s projects market has resulted in the Gulf projects index falling by 0.1 per cent for the week up until 9 August.
The continued political uncertainty in Bahrain led to the value of its projects market dropping by 5.4 per cent.
Bahrain’s projects market has now fallen from $80.6bn at 1 March to $56.6bn for the first week in August. The main reason for this was the completion of the $2bn Addur IWPP and the decision to put a $1bn Science and Technology Park project on hold.
|Project Name||Project Name|
|Bahrain||Addur IWPP||Addur IWPP|
|UAE||Jebel Ali M Power Plant||Jebel Ali M Power Plant|
|Iraq||Sulphur Recovery Unit/Visbreaker Unit||Sulphur Recovery Unit/Visbreaker Unit|
|Bahrain||Bahrain International Airport Upgrade||Bahrain International Airport Upgrade|
|Saudi Arabia||Ras al-Zour Residential Village Package||Ras al-Zour Residential Village Package|
|For further information visit www.meed.com/meedprojects|
It was not all negative for the GCC projects market, which accounts for about 73 per cent of the total Gulf projects index. Oman and Saudi Arabia both recorded growth of 0.3 per cent and 0.1 per cent respectively.
Oman’s growth can be attributed to the launch of five new projects worth $565m and the revival of a Block 40 oil and gas exploration scheme. The highest-value new project added to its index is a $300m LPG (liquefied petroleum gas) Extraction Plant in Salalah.
Saudi Arabia’s projects sector growth was the result of 20 new projects worth $1.2bn being added to its index. The vast majority of these, 16, were university projects for the Higher Education Ministry.
|Upcoming tender deadlines|
|Oman||Ministry of Transport & Communications||Batinah Expressway (package 2)||22 August|
|Iraq||Lukoil||Two central processing facilities||31 August|
|Qatar||Qatar Rail Company||Doha Metro||11 September|
|Kuwait||Health Ministry||Al-Amiri hospital||11 September|
|UAE||Abu Dhabi Airports Company||Midfield Terminal||11 September|
|For further information visit www.meed.com/tenders|
Outside the GCC, Iraq continued its impressive growth as the value of its projects market grew by 0.3 per cent. The main reason was the addition of a new $800m Sulphur recovery unit to its index. Iraq maintains its position as the Gulf’s fastest growing projects market, recording a year-on-year increase of 49 per cent.
The UAE has witnessed the biggest decline in its projects market over the past year, with the value of projects falling by 34 per cent.
The value of the overall Gulf projects market is 14 per cent down on the same period last year.
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