The Gulf Projects Index fell 0.6 per cent in the week up to 22 December 2014, ensuring a somewhat subdued end to what has been a year of very strong growth – a total of 11.1 per cent – in the GCC major projects market.

Qatar was the only market in the GCC to post a gain in the week, while Oman and Kuwait saw the largest losses, despite recording strong growth throughout the year.

Project updates this week
  Project name Project status
Bahrain LNG import terminal Main contract bid
Iraq Common Seawater Supply Project Design
Oman Oman National Railway: Al-Buraimi-Sohar line Prequalification
Saudi Arabia Production of phosphate derivatives On hold
UAE The Gateway Towers and car park podium Main contract bid
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Oman’s projects market declined by 1.8 per cent, or $2.8bn, as the country considers spending cuts to infrastructure projects. The completion of $178m-worth of water schemes also affected the market. Oman ended the year more than 5 per cent up on the end of 2013.

Kuwait recorded a 1.2 per cent contraction in its projects market, as delays on power projects continue due to legislative changes. This was despite the launch of $181m of new real estate schemes.

Saudi Arabia’s projects market declined by 0.6 per cent following the completion of $2bn-worth of industrial schemes and $2.2bn-worth of power projects. The Gulf’s largest projects market has finished 2014 with a 13.4 per cent year-on-year increase in value.

Upcoming tender deadlines
  Client Contract Submission date
UAE Gulf Related Maryah Central 15-Jan
UAE Dubai Electricity & Water Authority Solar innovation centre 29-Jan
Qatar Qatar General Electricity & Water Corporation (Kahramaa) Ras Laffan independent water project 23-Feb
Oman Public Authority for Water & Electricity Wadi Dayqah treatment plant 16-Mar
UAE Dubai Electricity & Water Authority Hassyan power plant 26-Mar
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The UAE market dropped by 0.8 per cent as about $5bn-worth of real estate projects were thrown into question by volatile oil prices. In addition, $225m of infrastructure schemes were completed. Like other GCC countries, the UAE has had a buoyant 2014, gaining 12.9 per cent year-on-year.

Qatar’s projects market grew by 0.3 per cent as infrastructure and real estate projects made good progress in the country.

Iran, on the other hand, recorded a further $1.5bn-worth of losses, as a sanctions deal remains to be agreed. This brings the total decline to 4.1 per cent in its projects market in 2014.

In numbers this week

$142bn Biggest yearly gain: Saudi Arabia

$111bn Biggest yearly loss: Iraq

$274bn GCC projects market growth in 2014