Bahrain leads market growth

12 January 2012

Revival of $6.6bn Water Garden City project in Manama gives index a positive start to 2012

Contract awards

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

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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 updates 
 Project NameProject Status
BahrainWater Garden CityDesign
OmanNaseem A’SabaaOn Hold
QatarLusail Entertainment City: Downtown PrecinctDesign
Saudi ArabiaCement PlantPlanned
UAETameer Towers (Shams Abu Dhabi – Al-Reem Island)Retender
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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
 ClientContractSubmission date
Saudi ArabiaHealth MinistryKing Faisal specialist hospital14 Jan
QatarQatar Foundation Southeast car park15 Jan
OmanTransport & Communications MinistryBatinah expressway package 316 Jan
UAEAl-Hilal BankHeadquarters building22 Jan
UAEAbu Dhabi Health Services Company (Seha) Al-Ain hospital26 Jan
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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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