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