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 regions 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. Dubais Petrixo Group has also launched a project to build a $800m bio-fuel refinery in Fujairah.
|Project name||Project status|
|Iraq||Badra oil field development: oil export pipeline||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|
|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 Iraqs 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.
Biggest contract $700m
Awarded to a consortium of Spains FCC, Geneva-registered Archirodon Construction, Turkeys 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