The Gulf Projects Index rose by 0.4 percent in the week ending 4 September, to reach $3.45 trillion. This marks the third week of record highs since the index’s level reached $3.4 tiillion on 25 November 2014.

Growth was led by Kuwait, which gained 3.1 per cent, followed by Iran and the UAE, which rose 1.6 per cent and 0.6 per cent, respectively.

In numbers

$300m Value of new projects in Bahrain

22 New projects announced in the UAE

$3.94bn Value of new projects in Iran

Kuwait’s gains resulted mainly from the revival of a $7bn olefins scheme. Two small utility and gas projects were also inducted into Kuwait’s market, although the budget for the rehabilitation of the Sheikh Jaber al-Ahmed al-Sabah Road has been revised downward to $167m from $350m.

In Iran, three new projects including the $3bn petrochemical plant by the Indian Oil Company and the $903m urea plant, a joint venture of the governments of Iran and India, were added to the projects list over the week. The third new project, although small at $35m, is nevertheless essential since it aims to generate 48MW of renewable energy from wind.

Project updates this week
  Project Name Project Status
Kuwait Olefins 3 Project Revived
Iran Iran petrochemical plant New project
Iraq Housing complex in Bismayah: infrastructure works On hold
Oman Musandam oil and gas processing plant Complete
UAE Upgrade of nitrogen plant Cancelled
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Twenty-two new projects valued at an estimated $2bn, led by the $642m Midtown Project by Dubai-based Deyaar, entered the UAE projects market in the week. Several projects were also revived, including the $345m Al-Bateen Wharf in Abu Dhabi and the Langham Place in Dubai’s Business Bay area.

The introduction of new projects, mostly residential and leisure, worth close to $300m in the region’s smallest projects market provided Bahrain with a major boost that equated to a 0.6 growth compared to the previous week’s index level.

Upcoming tender deadlines
  Client Contract Submission date
UAE Dubai Electicity & Water Authority Hassyan 400kV substation 30-Sep
Qatar Kahramaa Phase 13 transmission and distribution programme 01-Oct
UAE Dubai Municipality Jebel Ali sewage treatment plant 18-Oct
Saudi Arabia Saudi Electricity Company/Saudi Aramco Fadhili independent power project 01-Nov
UAE Roads & Transport Authority Route 2020 metro extension 06-Dec
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The $2.1bn infrastructure package for the planned Bismaya mixed-use project In Iraq has been put on hold over the week, resulting in the country’s projects market falling 0.6 per cent. The budget for its high-speed railway connecting Karbala and Najaf line was also revised downward by $500m, which contributed to Iraq being the weakest performer of the eight countries tracked by the Gulf Projects Index.

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