Gulf projects market remains flat

01 March 2011

Value of Gulf projects planned or under way in the region fell by a marginal 0.1 per cent

Contract awards

Biggest contract: $380m

Awarded to South Korea’s Hyundai Engineering Company and KCC Engineering & Construction Corporation for a contract to build a polysilicon plant in Saudi Arabia.

Value of major contract awards: $775m

Number of contracts awarded: 6

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After two consecutive weeks of growth, the region’s major projects market remained flat at about $2.6 trillion in the seven days up to 1 March, with the value of projects planned or under way in the Gulf falling only marginally by 0.1 per cent.

According to regional projects tracker MEED Projects, the civil unrest in Bahrain and Oman has not yet impacted on the Gulf’s projects index. Both markets recorded small increases in the value of projects planned or under way.

Project updates 
 Project NameProject Status
IraqGarraf Oil Field DevelopmentTender
QatarRas Laffan Office ComplexTender
KuwaitSubiya CausewayConstruction
Saudi ArabiaPipeline from Manifa to Berri Gas PlantTender
UAEAbu Dhabi Airport: Midfield Terminal ComplexTender
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Bahrain’s project index recorded a 0.1 per cent rise as the Works Ministry initiated its $44m North Bahrain New Towns project, which will involve the construction of 500 new homes. Oman’s projects index grew by 0.2 per cent as three new road projects worth a total of $200m were launched.

The UAE’s projects market was the region’s most active in the last week of February. Five new projects worth a total of $640m were launched and two projects worth $400m were revived. But the state’s projects index slipped by 0.2 per cent as $1.5bn-worth of projects were completed and five projects worth a total of $893m were put on hold.

Upcoming tender deadlines
 ClientContractSubmission date
UAEMubadala Development CompanyFour Seasons hotel15-Mar
UAEAbu Dhabi Gas Industries Company (Gasco)Habshan carbon recovery and reinjection/nitrogen injection29-Mar
Saudi ArabiaSaudi AramcoKing Abdullah Sports City stadium14-Apr
UAEAbu Dhabi Airport CompanyMidfield Terminal10-Jul
UAEEtihad Rail CompanyCivil Engineering Work4-May
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Kuwait’s projects market dropped by 0.2 per cent as only one project was initiated and three substation projects were completed. Qatar’s market witnessed the biggest drop in the Gulf despite the announcement of a $300m refinery tanks project. The state’s index was forced down by 0.3 per cent as four projects worth $827m were completed and a $65m tower project was put on hold.

Outside the GCC, Iran and Iraq remained flat as no new projects were launched. Iraq maintains its position as the region’s fastest growing market, recording a 60 per cent year-on-year increase.

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