The Gulf Projects Index increased by 0.5 per cent in the week ending 4 December, following strong growth from the UAE and Oman projects markets.

The addition of the $2.5bn Omagine scheme to Oman’s market meant the sultanate saw a 1.7 per cent rise, following a 0.3 per cent decline last week.

Projects planned or under way 4 December 2015 ($m)
  04-Dec-15 27-Nov-15 Change on week (%) 02-Dec-14 Change on year (%)
Bahrain 72,769 72,822 -0.1 61,998 17.5
Kuwait 246,794 247,247 -0.2 219,411 12.7
Oman 170,154 167,326 1.7 154,739 8.1
Qatar 277,081 277,136 0.0 289,811 -4.4
Saudi Arabia 1,003,249 1,003,780 -0.1 1,218,374 -17.6
UAE 865,100 850,015 1.8 811,585 4.7
GCC 2,635,147 2,618,326 0.6 2,755,918 -5.0
Iran 262,089 261,789 0.1 223,184 17.3
Iraq 350,444 351,398 -0.3 406,201 -13.5
Gulf Total 3,247,680 3,231,513 0.5 3,385,303 -4.5
For further information visit www.meed.com/projects/gulf-projects-index

The UAE reported the biggest uptick this week. The country’s projects index saw a 1.8 per cent rise as $2.4bn-worth of new schemes were added to the index.

Last week, the UAE’s market saw a decrease caused by budget revisions to 45 projects. This week, the market was boosted by the addition of the $600m Shakbout City scheme in Abu Dhabi.

In numbers this week

$2.5bn: Value of Omagine scheme added to Oman’s projects market

$2.4bn: Total value of schemes added to the UAE’s projects market

$5.3bn: Total value of schemes cancelled in Saudi Arabia

Saudi Arabia shed 0.1 per cent off its index this week as its 17.7 per cent year-on-year decline worsens. Following weeks of contractions, this week the kingdom’s slump is caused by the cancelling of $5.3bn-worth of projects, most notably the $5bn Green Oasis residential scheme in Al-Khobar by the local Alargan Projects.

Project updates this week
  Project name Project status
Qatar Hamad bin Khalifa Medical City New project
Saudi Arabia Green Oasis in Al-Khobar Cancelled
Saudi Arabia Jabal al-Kaaba development On hold
Saudi Arabia King Abdullah Sports City in Jeddah Complete
UAE Bab integrated facilities expansion Prequalification
For further information visit http://www.meedprojects.com/home

Bahrain’s market also saw a decrease this week due to $950m-worth of budget changes. Only one new scheme was announced and added to Bahrain’s market: the $22m  new Infinity and Renault car showroom in Manama by the local Almoayyed Group.

Upcoming tender deadlines
  Client Contract Submission date
Saudi Arabia Saudi Electricity Company Taiba power plant 30-Dec
Qatar Supreme Committee for Delivery & Legacy Rayyan stadium 10-Jan
UAE Roads & Transport Authority Route 2020 metro extension 10-Jan
UAE Abu Dhabi General Services Company (Musanada) Umlifaina bridge 13-Jan
UAE Sharjah Electricity & Water Authority Hamriyah power plant expansion 07-Feb
For further information visit www.meed.com/news/tenders

Qatar’s market remained flat as it saw $450m-worth of schemes completed this week, with only $363m of projects being added to its index.

Iran’s market saw a 0.1 per cent increase as work started on the $300m Ghaenat steel plant. No other changes were reported in the Iranian market this week.