The total value of major projects planned or under way in the Gulf region declined by 0.6 per cent over the week ending on 8 January 2016, according to the regional project-tracking service MEED Projects.
$256bn Value of Kuwaits project market
$9bn Weekly increase in the value of Kuwait projects
3.6 per cent Percentage increase in the value of Kuwaits project market
The biggest decliner on the index was Iran, which saw an 8.8 per cent reduction in the value of its projects market.
This was mainly due to a change in the MEED Projects valuation of the Iranian Chabahar Port Development megaproject.
|Projects planned or under way 8 January 2016|
|Country||08-Jan-16||31-Dec-15||% change on week||29-Dec-14||% change on year|
|For further information visit www.meed.com/projects/gulf-projects-index|
Irans $5.6bn Chabahar Port Development scheme will see the construction of two berths for ships, as well as petrochemical plants, a power plant, a major steel complex and a 1,330-kilometre railway line.
It is being developed in cooperation with Indias government. Indias Shipping & Transport Minister, Nitin Gadkari, and his Iranian counterpart, Abbas Ahmad Akhoundi signed a memorandum of understanding (MoU) in May 2015. India and Iran are expected to finalise the agreement in the first half of 2016.
|Project updates this week|
|Qatar||The Celebration Park||Cancelled|
|Kuwait||South Al-Mutlaa City||Budget change|
|Oman||Port Sultan Qaboos Waterfront: phase 2||New project|
|UAE||Etihad Railway Network: phase 2 package C||On hold|
|Saudi Arabia||Jubail hydrogen peroxide plant||Complete|
|For further information visit www.meedprojects.com/home|
Kuwait saw the biggest expansion over the period, with the value of major projects planned or under way increasing by 3.6 per cent.
Over the week, five new projects were announced in Kuwait worth more than $1bn.
Saudi Arabia, the regions biggest project market, stayed relatively stable over the period, declining by 0.1 per cent. Six new projects were announced over the week and two projects were completed.
The UAE, the regions second-biggest project market, saw a decline of 0.2 per cent as 11 projects were put on hold.