Oman records the strongest growth, while Iraqs index freefall slows despite clashes
The Gulf Projects Index continued its Eid lull, with only a 0.2 per cent rise in the value of schemes planned or under way. The growth was mainly due to Oman, Qatar, Saudi Arabia and the UAE.
Omans projects market recorded the biggest expansion, with its index increasing by 1.6 per cent. This was driven by the revival of a $2.2bn waterfront mixed-use scheme and related infrastructure.
In real terms, Saudi Arabia, recorded the largest growth. It added $2,287m to its projects sector, mainly in the oil and gas industry, as the kingdom recovers from a summer dip and returns to strong year-on-year growth of 20.2 per cent. Saudi Basic Industries Corporations proposed steel plants remain on hold, however.
|Project name||Project status|
|Qatar||Fifa-compliant prototype training site||On hold|
|Saudi Arabia||Jubail steel plant||On hold|
|Saudi Arabia||Master gas system expansion: phase 1||New project|
|Saudi Arabia||Master gas system expansion: phase 2||New project|
|For further information visit www.meed.com/meedprojects|
The UAE projects market recorded a modest increase of 0.4 per cent to remain at its highest value since 2011. In the past week, 52 new construction schemes, worth more than $2.5bn, were announced, including ports, airports and road upgrades.
Qatar also recorded gentle growth, with the launch of 55 new construction projects worth more than $1.5bn. The new schemes are predominantly based around the Lusail city development.
|Upcoming tender deadlines|
|Oman||Oman Power & Water Procurement Company||Salalah 2||Oct-14|
|Saudi Arabia||Saudi Aramco||11 stadiums||Oct-14|
|UAE||Nakheel||Palm Hotel tower||Nov-14|
|Kuwait||Kuwait National Petroleum Company||New Refinery Project||Nov-14|
|UAE||Dubai Electricity & Water Authority||Hassyan power plant||26-Jan|
|For further information visit www.meed.com/tenders|
Meanwhile, Iraqs index freefall slowed, with its projects market dropping only 0.6 per cent. However, further oil and public works schemes were put on hold in all regions of the country, as clashes continued between the government, the Islamic State in Iraq and Syria (Isis) and Kurdish forces.
Irans projects market continues its gradual decline, down 3.4 per cent year-on-year as it continues to suffer from the effects of harsh international sanctions.
The value of the overall Gulf projects market is up 6 per cent year-on-year.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.