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 indexs biggest in two months.
|Project name||Project status|
|Bahrain||3,100 residential units||New project|
|Iraq||Baghdad monorail: phase 1||On hold|
|Kuwait||Clean Fuels Project: Mina al-Ahmadi package||Budget change|
|Saudi Arabia||Ilmenite processing plant||Complete|
|UAE||Khor al-Creek development||Inactive|
|For further information visit www.meed.com/meedprojects|
Leading the decreases was Saudi Arabia, the regions biggest projects market. Its value declined by $5.9bn, a drop of 0.5 per cent.
The regions 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 Irans 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.
Iraqs projects market has been significantly affected by the conflict between the jihadist group Islamic State in Iraq and Syria and the countrys Western-backed government. It is down by 22.5 per cent year-on-year.
|Upcoming tender deadlines|
|UAE||Dubai Electricity & Water Authority (Dewa)||Hassyan coal plant||30-Apr|
|Qatar||Qatar General Electricity & Water Corporation (Kahramaa)||Ras Laffan independent water project (IPP)||10-May|
|Saudi Arabia||Metro Jeddah Company||Obhur Bridge||26-Jul|
|Oman||Oman Power & Water Procurement Company (OPWP)||Sohar 3/Ibri IPP||02-Aug|
|Saudi Arabia||Saudi Electricity Company/Saudi Aramco||Fadhili IPP||31-Aug|
|For further information visit www.meed.com/tenders|
Only three countries posted expansions over the week. Bahrain, the regions smallest market, grew by 1.7 per cent as four new schemes worth a total of $1.1bn were announced.
Bahrains 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 GCCs third-biggest market, increased by 0.5 per cent as nine new projects were announced, worth a total of $1.5bn.
$5.9bn Decline in Saudi Arabias projects market
$4.3bn Decline in the UAEs projects market
$3.4bn Decline in Iraqs projects market
For further information visit www.meed.com/contracts