Saudi Arabia and Oman also record gains in projects market value
The Gulf Projects Index recorded a marginal expansion of less than 0.1 per cent in the week ending 12 June, with only minor fluctuations in most markets.
Bahrain was the exception, recording a 1.5 per cent, or $1bn, rise in the value of its projects market as a result of Aluminium Bahrains plans to build a sixth potline to expand its production capacity. Regional projects tracker MEED Projects estimates the expansion will cost $3.5bn. Real estate schemes worth a total of $56m also contributed to the increase.
|Project updates this week|
|Project name||Project status|
|Iran||Iran Gas Trunkline 7: gas trunkline expansion||On hold|
|Kuwait||Kuwait International Petroleum Research Centre||Study|
|Oman||Sohar sugar refinery||Execution|
|Qatar||Qatar Integrated Railway Project: light rail transit||Study|
|UAE||Masdar solar project||Study|
|For further information visit www.meedprojects.com/home|
Saudi Arabias projects market, the largest in the region, expanded by 0.2 per cent, or $2.8bn. Taif International airport has been revived on a public-private investment basis. Other schemes such as the Waad al-Shamal power plant and the Al-Muajjiz oil terminal rehabilitation are making slow but steady progress.
Residential and industrial schemes also contributed to the rise, but Saudis Arabias year-on-year projects market growth has slowed to 7.3 per cent, compared with 15.5 per cent on 26 January 2015.
|Upcoming tender deadlines|
|Saudi Arabia||Metro Jeddah Company||Obhur Bridge||26-Jul|
|UAE||Investment Corporation of Dubai||Atlantis Resort||28-Jul|
|Oman||Oman Power & Water Procurement Company||Sohar 3/Ibri independent power project (IPP)||02-Aug|
|Saudi Arabia||Saudi Electricity Company/Saudi Aramco||Fadhili IPP||31-Aug|
|UAE||Roads & Transport Authority||Route 2020 metro extension||06-Dec|
|For further information visit www.meed.com/news/tenders|
Oman also saw a 0.2 per cent rise in the value of its projects market. This was mainly due to $461m of new infrastructure work, especially in power and transport schemes.
Irans market shrank by 0.5 per cent as oil and gas spending remains uncertain and depends on the success of the nuclear deal.
Kuwait saw a 0.2 per cent fall in its projects market. New property and infrastructure schemes worth a combined $320m could not compensate for completions.
The value of the UAEs projects market declined by 0.1 per cent. This is despite $2bn-worth of new schemes being launched and the the change of the Noor 1 scheme from a 100MW to a 350MW photovoltaic solar project in Abu Dhabi.
In numbers this week
$3.5bn Cost of Aluminium Bahrains plant expansion
7.3 per cent Year-on-year growth in Saudi Arabias projects market
$2bn Value of new projects in the UAE