Biggest contract: $590m
Awarded to South Korea’s Samsung Engineering for an aluminium rolling mill at Ras al-Zour in Saudi Arabia
$1.38bn: Value of major contract awards
3: Number of contracts awarded
For further information visit www.meed.com/contracts
The Gulf’s projects market grew for the first time in three months this week, as the total value of major projects planned or under way rose by 0.2 per cent to $2.6 trillion, according to MEED’s latest Gulf Projects Index.
The halt of the Gulf’s 12-week decline can be partly attributed to the stabilisation of the UAE’s projects index. The value of the UAE’s projects market grew by 0.1 per cent this week, having fallen for the previous 15 weeks.
|Project name||Project name|
|Saudi Arabia||Ras al-Zour aluminium rolling mill||Ras al-Zour aluminium rolling mill|
|Saudi Arabia||Jizan refinery project||Jizan refinery project|
|UAE||Danat al-Emarat hospital||Danat al-Emarat hospital|
|Iran||Haftkel, Ahvaz and Bangestan desalting plants||Haftkel, Ahvaz and Bangestan desalting plants|
|Kuwait||Al-Zour Southern desalination plant||Al-Zour Southern desalination plant|
|For further information visit www.meed.com/meedprojects|
Six new projects worth a total of $812m were launched in the UAE last week. The projects included a new Federal National Council building; a pipeline project from a desalination plant to storage tanks in Jebel Ali; a tower project in Jumeirah Lakes Towers; and a police residential complex. Bahrain’s projects market witnessed growth as a $162m district cooling plant project was revived. Kuwait also recorded an increase in the value of projects planned or under way as schemes to build a $142m substation and $114m gas pipeline were launched.
Despite a strong start to the year, Saudi Arabia – the region’s biggest construction market – witnessed a marginal decline as a $100m real-estate project and an $800m offshore platforms programme were completed last week.
|Upcoming tender deadlines|
|Kuwait||Kuwait University||College of science and faculty club||2/27/2011|
|Saudi Arabia||Saudi Electricity Company||Qurayyah independent power project||2/28/2011|
|UAE||Mubadala Development Company||Four Seasons hotel||3/15/2011|
|UAE||Abu Dhabi Gas Industries Company||Habshan carbon recovery and nitrogen injection||3/29/2011|
|Saudi Arabia||Saudi Aramco||King Abdullah Sports City stadium||4/14/2011|
|For further information visit www.meed.com/tenders|
Qatar was the only other country in the GCC to witness a decline in its market. This was mainly due to the completion of the QatarGas liquefied natural gas trains 6 & 7 project. With no new project launches last week, Qatar’s projects index dipped by 1.7 per cent.
The largest new project launched in the Gulf last week was a $10bn water injection facility in Iraq, which resulted in the state’s projects market growing by 2.8 per cent. Iraq maintains its position as the region’s fastest-growing market, recording a 71.7 per cent year-on-year increase.