Climbs in four GCC member states make up for falls in Iran and Iraq
The Gulf Projects Index rose 0.5 per cent in the week up to 24 June, led by strong growth in Saudi Arabia and the UAE.
Saudi Arabia, the largest projects market in the Gulf region, was the biggest gainer of the week, as its value of schemes planned or under way rose by 1.2 per cent.
The increase was due to the launch of a $1.6bn scheme by Dubai-based Al-Futtaim Group to build a 250,000-square-metre shopping mall and a 500-room luxury hotel in the Al-Diriyah district of Riyadh.
The kingdoms projects sector also got a boost from the launch of a $700m scheme by the Finance Ministry to build 625 housing units in Al-Ahsa. Saudi Arabia is currently the fastest-growing projects market in the region, as its value has risen 21.8 per cent year-on-year.
The UAEs projects market climbed by 0.8 per cent, due to the launch of a $675m scheme by a private developer to build an auto zone in Al-Hamra.
|Project name||Project status|
|Kuwait||Crude oil flow pipelines in southeast Kuwait||Complete|
|Oman||Ibri independent power project (IPP)||Prequalification|
|Saudi Arabia||ITCC: phase 1 (office buildings)||Complete|
|Saudi Arabia||King Khaled Medical City||Main contract bid|
|For further information visit www.meed.com/meedprojects|
Bahrains projects sector rose 0.3 per cent, led by the launch of a $263m plan by the Works Ministry to develop a 12-kilometre stretch of the northern shore coastal highway connecting the Seef district and a town being developed on reclaimed land off the coast of Duraz.
Oman recorded the biggest decline of the week, falling 0.8 per cent due to the cancellation of a $1bn project by Oman Power & Water Procurement Company to build an independent power plant in Batinah.
|Upcoming tender deadlines|
|Qatar||Public Works Authority (Ashghal)||Design, build and operation of Musaimeer pumping station||Jun-14|
|Oman||Regional Municipalities, Environment & Water Resources||Design, construction supervision of a flood protection scheme||Jul-14|
|Egypt||New & Renewable Energy Authority||Design, manufacture and construction of 120MW wind farm||Jul-14|
|Saudi Arabia||Health Ministry||King Faisal Medical City||11-Aug|
|Saudi Arabia||Mecca Municipality||Mecca Metro: phase 1||08-Sep|
|For further information visit www.meed.com/tenders|
Outside the GCC, the value of Iraqs projects market dropped by 0.5 per cent as a $2bn scheme by the Oil Ministry to build a 150,000 barrel-a-day refinery in Mosul, currently under the control of militants, was put on hold.
Irans projects market slipped 0.2 per cent as a $350m oil scheme in Khuzestan was cancelled.