A solid performance by Saudi Arabia and the UAE led to the Gulf Projects Index rising by 0.5 per cent to $3.2 trillion in the week up to 12 March.

Saudi Arabia, the region’s largest projects market, saw the strongest growth, as the value of schemes planned or under way increased by 1 per cent. A total of 12 new projects were launched in the kingdom, including a $2bn monorail scheme in Mecca. In addition, the civil aviation authority launched expansions of seven domestic airports, with the total value of the projects estimated to be $2.1bn.

Saudi Arabia is the fastest-growing projects market in the GCC, having risen 19.2 per cent over the past year.

The UAE posted the second-biggest increase in the index, with the value of schemes planned or under way rising 0.8 per cent as 44 projects worth a combined $6.2bn were launched. The largest of these was a $1.5bn scheme to build an aluminium rolling mill at Khalifa Port and Industrial Zone in Taweelah. Dubai’s Petrixo Group has also launched a project to build a $800m bio-fuel refinery in Fujairah.

Project updates
  Project name Project status
Iraq Badra oil field development: oil export pipeline Complete
Qatar Al-Shamal complex Complete
Saudi Arabia Mecca metro: North Study
UAE Dubailand: The Palmarosa Revived
UAE Taweelah metal park: aluminium rolling mill Study
For further information visit www.meed.com/meedprojects

The UAE is the fourth-fastest growing market in the GCC, with the value of its projects sector up 11.8 per cent year-on-year.

Oman rose 0.2 per cent, largely due to the launch of a $250m revamp of the fluid catalytic cracker at Sohar refinery. Bahrain also grew 0.2 per cent due to the roll-out of a $100m scheme to build an oncology centre at King Hamad University Hospital.

Elsewhere in the GCC, Kuwait rose 0.1 per cent, while Qatar remained unchanged.

Upcoming tender deadlines
  Client Contract Submission date
Kuwait Higher Council for Planning & Development Operation and maintenance of government building 1 Apr
Egypt Construction Authority for Potable Water & Wastewater Operation and management of wastewater treatment plant 2 Apr
Saudi Arabia  Royal Commission for Jubail & Yanbu City centre development 8 Apr
Lebanon Council for Development & Reconstruction Restoration works at Saida and Baalbek 15 Apr
Kuwait Public Works Ministry Kuwait airport terminal 24 Apr
For further information visit www.meed.com/tenders

Outside the GCC, Iran and Iraq’s projects markets both stayed flat. However, Iraq remains the fastest-growing Gulf market, with the value of its projects sector up 79.9 per cent year-on-year.

Contract awards

Biggest contract $700m

Awarded to a consortium of Spain’s FCC, Geneva-registered Archirodon Construction, Turkey’s Yuksel and the local Petroserv to build a section of Doha Metro

$773m Value of major contract awards

3 Number of contracts awarded

For further information visit www.meed.com/contracts