Gulf index returns to growth

13 December 2015

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 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-1527-Nov-15Change on week (%)02-Dec-14Change on year (%)
Saudi Arabia1,003,2491,003,780-0.11,218,374-17.6
Gulf Total3,247,6803,231,5130.53,385,303-4.5
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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 nameProject status
QatarHamad bin Khalifa Medical CityNew project
Saudi ArabiaGreen Oasis in Al-KhobarCancelled
Saudi ArabiaJabal al-Kaaba developmentOn hold
Saudi ArabiaKing Abdullah Sports City in JeddahComplete
UAEBab integrated facilities expansionPrequalification
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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
 ClientContractSubmission date
Saudi ArabiaSaudi Electricity CompanyTaiba power plant30-Dec
QatarSupreme Committee for Delivery & LegacyRayyan stadium10-Jan
UAERoads & Transport AuthorityRoute 2020 metro extension10-Jan
UAEAbu Dhabi General Services Company (Musanada)Umlifaina bridge13-Jan
UAESharjah Electricity & Water AuthorityHamriyah power plant expansion07-Feb
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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.

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