Market continues to be depressed as political unrest in the Middle East shows no signs of abating
Biggest contract: $108.9m
The local/Australian Al-Habtoor Leighton wins contract to build Abu Dhabi Islamic Bank new headquarters in the UAE capital
$110m: Value of major contract awards
2: Number of contracts awarded
For further information visit www.meed.com/contracts
The political uncertainty caused by the region’s democracy protests continues to have a dampening influence on the Gulf’s major projects market. The total value of projects planned or under way is down 10.4 per cent on the same period last year. For the GCC projects market, the index recorded a 17.7 per cent year-on-year fall, with the crash of Dubai’s real-estate sector being the biggest single contributing factor.
In the short term, the Gulf projects index remained flat for the week up until 6 April compared to the previous week, with the total value of projects planned or under way in the region remaining at $2.5 trillion. Only Saudi Arabia and Qatar achieved noticeable growth, with new schemes launched in both markets. In Saudi Arabia, nine new projects worth a total of $3.6bn were added this week to the MEED Projects database, which powers the Gulf Projects Index.
|Project Name||Project Status|
|Kuwait||Kuwait Soil Remediation Services||Tender|
|Oman||Musandam Oil / Gas Processing Plant||Construction|
|Qatar||Qatar Islamic Bank Headquarters Building||Design|
|Saudi Arabia||Madinah Knowledge Economic City: District Cooling||On Hold|
|UAE||Abu Dhabi Islamic Bank Headquarters||Construction|
|For further information visit www.meed.com/meedprojects|
This includes five new petrochemical projects worth a total of $2.5bn and a $700m steel billet plant in Dammam. The kingdom also announced $175m of new schemes to its projects market.
In Qatar, the projects market grew by 0.1 per cent as a new $150m development in Education City was announced. The UAE was the only GCC market to record a drop this week, with the total value of projects planned or under way falling by 0.1 per cent.
|Upcoming tender deadlines|
|Saudi Arabia||Saudi Aramco||King Adbullah Sports City Stadium||14-Apr|
|Kuwait||Kuwait University||College of Science and Faculty Club||26-Apr|
|Saudi Arabia||General Authority of Civil Aviation||Medina Airport||2-May|
|UAE||Etihad Rail Company||Civil engineering work||4-May|
|UAE||Abu Dhabi Airport Company||Midfield Terminal||10-Jul|
|For further information visit www.meed.com/tenders|
Three new projects this week worth a total of $200m were outnumbered by four projects worth a total of $940m that were completed and removed from the index.
Outside the GCC, Iran recorded a drop of 0.1 per cent as three projects worth a total of $350m were put on hold. Iraq maintains its position as the region’s strongest growing market, with a 55.5 per cent year-on-year increase.