Gulf index sees biggest fall in months

21 April 2015

Only three countries post expansions in value

The Gulf countries, including the GCC states as well as Iraq and Iran, saw $8.6bn wiped off their collective projects markets in the week ending 17 April.

The decline was the index’s biggest in two months.

Project updates
 Project nameProject status
Bahrain3,100 residential unitsNew project
IraqBaghdad monorail: phase 1On hold
KuwaitClean Fuels Project: Mina al-Ahmadi packageBudget change
Saudi ArabiaIlmenite processing plantComplete
UAEKhor al-Creek developmentInactive
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Leading the decreases was Saudi Arabia, the region’s biggest projects market. Its value declined by $5.9bn, a drop of 0.5 per cent.

The region’s second-biggest market, the UAE, saw a similar decline of 0.5 per cent, with $4.3bn wiped off its value. The drop came as four schemes worth a total of $2.2bn were put on hold and 20 projects with a total value of $1.3bn were completed.

Iran and Iraq also saw significant falls over the week.

The value of Iran’s projects market dropped by $1.6bn, a contraction of 0.8 per cent, while Iraq saw a decline of $3.4bn.

The decline in Iran comes amid ongoing discussions over its nuclear programme and the removal of sanctions.

Iraq’s projects market has been significantly affected by the conflict between the jihadist group Islamic State in Iraq and Syria and the country’s Western-backed government. It is down by 22.5 per cent year-on-year.

Upcoming tender deadlines
 ClientContractSubmission date
UAEDubai Electricity & Water Authority (Dewa)Hassyan coal plant30-Apr
QatarQatar General Electricity & Water Corporation (Kahramaa)Ras Laffan independent water project (IPP)10-May
Saudi ArabiaMetro Jeddah CompanyObhur Bridge26-Jul
OmanOman Power & Water Procurement Company (OPWP)Sohar 3/Ibri IPP02-Aug
Saudi ArabiaSaudi Electricity Company/Saudi AramcoFadhili IPP31-Aug
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Only three countries posted expansions over the week. Bahrain, the region’s smallest market, grew by 1.7 per cent as four new schemes worth a total of $1.1bn were announced.

Bahrain’s projects market is up by 14.8 per cent compared with the same period last year.

Oman saw 13 new schemes added over the week, helping it to add $3.9bn to its projects market over the week, an expansion of 2.4 per cent.

Qatar, the GCC’s third-biggest market, increased by 0.5 per cent as nine new projects were announced, worth a total of $1.5bn.

In numbers

$5.9bn Decline in Saudi Arabia’s projects market

$4.3bn Decline in the UAE’s projects market

$3.4bn Decline in Iraq’s projects market

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