The Gulf Projects Index increased 1.5 per cent in the week up to 15 July, boosted by strong growth in the UAE and Bahrain.

The UAE’s projects index gained 4.2 per cent as Dubai relaunched its plans to build the Mall of The World, billed as the world’s biggest shopping centre.

Dubai’s ruler, Sheikh Mohammed bin Rashid al-Maktoum, announced the new plans for the mall on 5 July. The scheme will be developed by Dubai Holding and will include a covered street network spreading across 7 kilometres, a 3 million square-foot medical district and an arena that can accommodate 15,000 people.

The UAE is the second-biggest market in the region after Saudi Arabia, with $749.8bn of projects planned and under way.

Saudi Arabia saw its project market expand by 1.4 per cent to $1.1 trillion, buoyed by the new multibillion-dollar Yanbu refinery project and oil major Aramco’s plans to construct 11 stadiums across the kingdom as part of a programme to improve sports facilities. Each stadium will have a capacity of 45,000 people.

Project updates
  Project name Project status
Kuwait Gathering centre 29 Execution
Oman Batinah Expressway: section 7 Main contract bid
Saudi Arabia Yanbu refinery Study
UAE Dubiotech headquarters Execution
UAE Presidential palace Execution
For further information visit www.meed.com/meedprojects

The Yanbu refinery project is still at the study phase and will have a capacity of 285,000 barrels a day if it is given the go ahead.

Bahrain, the index’s smallest market, saw a 4.3 per cent rise, driven by developments connected to the Marsa al-Seef waterfront project.

Outside the GCC, both Iran and Iraq saw small declines in the value of their markets.

Upcoming tender deadlines
  Client Contract Submission date
UAE Meydan Group Entisar Tower 03-Aug
Saudi Arabia Saudi Aramco Maintain potential programme 03-Aug
Saudi Arabia Saudi Aramco Khurais expansion 05-Aug
Saudi Arabia Health Ministry King Faisal Medical City 11-Aug
Saudi Arabia Mecca Municipality Mecca Metro: phase 1 08-Sep
For further information visit www.meed.com/tenders

Iraq edged lower by 0.1 per cent as Islamist militants further entrenched their positions after declaring a new caliphate bridging Iraq and Syria.

Iran’s market fell 0.3 per cent, finishing the week at $227.8bn, amid increasing uncertainty about a new nuclear agreement with the US that could see sanctions reduced.

Biggest contract

$850m Awarded to UAE-based National Petroleum Construction Company for package one of Abu Dhabi’s offshore Nasr full-field development

$960m Value of major contract awards

9 Number of contracts awarded

For further information visit www.meed.com/contracts