Revival of $6.6bn Water Garden City project in Manama gives index a positive start to 2012
Biggest contract: $95.3m
Awarded to the local Nael General Contracting Company to build villas for the UAE military
$325.9m: Value of major contract awards
4: Number of contracts awarded
For further information visit www.meed.com/contracts
Strong growth in Bahrain’s projects market resulted in the Gulf projects index growing by 0.3 per cent to $2.6 trillion in the week up to 10 January.
After a difficult year for Bahrain’s projects sector, which saw the value of its market fall by more than $20bn, it recorded an increase of 12.7 per cent as the $6.6bn Water Garden City project in Manama was revived.
In the same week, the state signed project agreements with a private developer for the $550m first phase of its public-private partnership housing scheme.
|Project Name||Project Status|
|Bahrain||Water Garden City||Design|
|Oman||Naseem A’Sabaa||On Hold|
|Qatar||Lusail Entertainment City: Downtown Precinct||Design|
|Saudi Arabia||Cement Plant||Planned|
|UAE||Tameer Towers (Shams Abu Dhabi – Al-Reem Island)||Retender|
|For further information visit www.meed.com/meedprojects|
The UAE was the only other GCC state to record noticeable growth. The total value of projects planned or under way in the UAE grew by 0.1 per cent to $588bn. The main reason for the rise was the revival of two real-estate projects worth a total of $1.9bn and seven new projects worth a total of $538m joining the index.
Oman’s projects index recorded the biggest drop in the region, with the value of its projects sector falling by 1.4 per cent to $117bn. The fall can be attributed to two real-estate projects worth a total of $1.5bn being put on hold.
Saudi Arabia, the region’s biggest projects market, recorded a drop of 0.1 per cent as three projects worth almost $800m were removed from its index.
|Upcoming tender deadlines|
|Saudi Arabia||Health Ministry||King Faisal specialist hospital||14 Jan|
|Qatar||Qatar Foundation||Southeast car park||15 Jan|
|Oman||Transport & Communications Ministry||Batinah expressway package 3||16 Jan|
|UAE||Al-Hilal Bank||Headquarters building||22 Jan|
|UAE||Abu Dhabi Health Services Company (Seha)||Al-Ain hospital||26 Jan|
|For further information visit www.meed.com/tenders|
Outside the GCC, Iran’s projects market recorded growth of 0.3 per cent as a $400m petrochemicals project was revived and a new $160m pipeline project was launched.
Iraq’s projects sector remained flat, but it retains its position as the region’s fastest-growing projects market, recording a year-on-year growth of 41 per cent.
The Gulf has recorded a positive start to 2012, with the value of the total projects market up by almost 2 per cent on the same period last year.
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