Contract awards

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 updates
  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
  Client Contract Submission date
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.