The Gulf Projects Index grew 0.2 per cent in the week ending 12 November following significant contractions the previous week.

The biggest contraction was in Bahrain’s market, with only two new projects, including a$250m expansion to a gas pipeline in Sitra, added to the index this week. The index was also brought down by little activity in the $1bn Bapco Bahrain Petrochemicals Complex.

In numbers

$1bn Value of projects on hold in Iran

5 Number of new projects in Iraq

$1.1bn Value of revived projects in the UAE

Qatar’s projects market increased slightly by 0.3 per cent with approximately $900m of new projects being added to the index. Budget changes to a number of major schemes, amounting to approximately $900m, has brought down the weekly index after remaining flat last week

Projects planned or under way 12 November 2015 ($m)
  12-Nov-15 06-Nov-15 Change on week (%) 11-Nov-15 Change on year (%)
Bahrain 72,035 72,785 -1 61,451 18.4
Kuwait 245,925 246,128 -0.1 202,429 21.6
Oman 167,893 168,451 -0.3 149,736 12.5
Qatar 279,875 279,069 0.3 280,806 -0.6
Saudi Arabia 1,036,487 1,037,675 -0.1 1,228,230 -15.5
UAE 855,403 848,229 0.8 804,496 5.4
GCC 2,657,618 2,652,337 0.2 2,727,148 -2.7
Iran 250,899 250,399 0.2 225,790 10.9
Iraq 371,183 370,183 0.3 411,800 -10.1
Gulf Total 3,279,700 3,272,919 0.2 3,364,738 -2.7
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A 5.4 per cent year-on-year gain for the UAE was boosted by a 0.8 per cent increase this week, as $6.5bn-worth of projects were added to the UAE market. This mostly comprised the $5bn mixed-use Aldar Yas Island South Yas schem in Abu Dhabi and the Nshama al-Fursan residential and retail project in Dubai’s Healthcare city. The market grew despite several budget changes, including to the Aldar Yas Island development.

Project updates this week
  Project name Project status
Iran Sohrab oil field development On hold
Saudi Arabia Karan gas development: platforms and power cables Complete
UAE Ajman One: phase 1 Revived
UAE Ras al-Khaimah financial city Revived
UAE South Yas development New project
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Oman’s year-on-year growth of 12.5 per cent was dented by a contraction of 0.3 per cent, mainly due to new projects being added to its market this week and budget changes made to approximately $500m worth of projects.

Upcoming tender deadlines
  Client Contract Submission date
Saudi Arabia Saudi Aramco Hasbah gas field Late Nov
Kuwait Directorate General of Civil Aviation Passenger support building 01-Dec
Saudi Arabia Saline Water Conversion Corporation Jeddah 4 reverse osmosis desalination plant 01-Dec
UAE Roads & Transport Authority Route 2020 metro extension 06-Dec
UAE Sharjah Electricity & Water Authority Hamriyah power plant expansion 07-Feb
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Following major declines the past couple of weeks, including the inactivity of Saudi Arabia’s KA-Care renewables programme, the kingdom fell 0.1 per cent as state control on capital spending and the projects market continue.

Iraq and Iran gained 0.2 per cent and 0.3 per cent respectively. Iran’s market continues its 10.9 per cent year-on-year growth with the addition of the $1.5bn Miyaneh combined-cycle power plant to its market this week.