The MEED projects index has fallen for the first time in six months, reflecting the impact of the credit crunch on the regional projects market.
In the week to 10 November, the value of Gulf projects planned or under way dropped by 0.8 per cent to $2.89 trillion, with Saudi Arabia experiencing the biggest decline.
The drying up on bank finance has led to many high-profile projects being put on hold as clients look for better pricing in light of falling raw materials costs.
Table: Gulf Projects ($m)
| 10 Nov 2008 | 03 Nov 2008 | % change on week | 10 Nov 2007 | % change on year | |
| Bahrain | 57,742 | 57,729 | 0.0 | 29,020 | 99.0 |
| Kuwait | 298,586 | 298,446 | 0.0 | 261,132 | 14.3 |
| Oman | 106,120 | 106,120 | 0.0 | 47,546 | 123.2 |
| Qatar | 216,415 | 215,415 | 0.5 | 153,369 | 41.1 |
| Saudi Arabia | 601,410 | 628,270 | -4.3 | 374,879 | 60.4 |
| UAE | 1,230,105 | 1.227,218 | 0.2 | 711,016 | 73.0 |
| GCC total | 2,510,378 | 2,533,218 | -0.9 | 1,576,962 | 59.2 |
| Iran | 281,172 | 280,666 | 0.2 | 109,180 | 157.5 |
| Iraq | 100,006 | 99,906 | 0.1 | 32,437 | 208.3 |
| Gulf total | 2,891,556 | 2,913,790 | -0.8 | 141,617 | 1941.8 |
For further information visit www.meedprojects.com
MEED Projects, tracking over $2 trillion worth of projects, is a subscriber-only service that provides comprehensive, up-to-date and accurate project information. Monitor industry and business development opportunities through market data tailored to your needs.
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