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 (%)|
|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|
|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.