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.

In numbers

$256bn Value of Kuwait’s project market

$9bn Weekly increase in the value of Kuwait projects

3.6 per cent Percentage increase in the value of Kuwait’s 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
Bahrain 71,851 71,864 0.0 61,564 16.7
Kuwait 256,435 247,434 3.6 217,431 13.8
Oman 167,493 166,792 0.4 154,431 8.0
Qatar 275,698 276,320 -0.2 287,338 -3.8
Saudi Arabia 1,001,929 1,002,532 -0.1 1,209,138 -17.1
UAE 854,025 856,080 -0.2 810,917 5.6
GCC 2,627,431 2,621,022 0.2 2,740,819 -4.4
Iran 258,558 283,476 -8.8 209,853 35.1
Iraq 353,405 353,428 0.0 403,087 -12.3
Gulf Total 3,239,394 3,257,926 -0.6 3,353,759 -2.9
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Iran’s $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 India’s government. India’s 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
Country Project name Status
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
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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 region’s 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 region’s second-biggest project market, saw a decline of 0.2 per cent as 11 projects were put on hold.