Qatar only country to see growth in value of projects market, as most other countries see declines
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|
|For further information visit www.meed.com/meedprojects|
Omans 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 Arabias 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 Gulfs largest projects market has finished 2014 with a 13.4 per cent year-on-year increase in value.
|Upcoming tender deadlines|
|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|
|For further information visit www.meed.com/tenders|
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.
Qatars 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
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