Strong growth in Oman and UAE offsets declines in other markets
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 $2.5bn Omagine scheme to Omans market meant the sultanate saw a 1.7 per cent rise, following a 0.3 per cent decline last week.
| Projects planned or under way 4 December 2015 ($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 countrys projects index saw a 1.8 per cent rise as $2.4bn-worth of new schemes were added to the index.
Last week, the UAEs 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 Omans projects market
$2.4bn: Total value of schemes added to the UAEs 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 kingdoms 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 | ||
Bahrains market also saw a decrease this week due to $950m-worth of budget changes. Only one new scheme was announced and added to Bahrains 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 | |||
Qatars market remained flat as it saw $450m-worth of schemes completed this week, with only $363m of projects being added to its index.
Irans 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.
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