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

For further information visit www.meed.com/contracts

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 Name Project Status
Iraq Garraf Oil Field Development Tender
Qatar Ras Laffan Office Complex Tender
Kuwait Subiya Causeway Construction
Saudi Arabia Pipeline from Manifa to Berri Gas Plant Tender
UAE Abu Dhabi Airport: Midfield Terminal Complex Tender
For further information visit www.meed.com/meedprojects

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
  Client Contract Submission date
UAE Mubadala Development Company Four Seasons hotel 15-Mar
UAE Abu Dhabi Gas Industries Company (Gasco) Habshan carbon recovery and reinjection/nitrogen injection 29-Mar
Saudi Arabia Saudi Aramco King Abdullah Sports City stadium 14-Apr
UAE Abu Dhabi Airport Company Midfield Terminal 10-Jul
UAE Etihad Rail Company Civil Engineering Work 4-May
For further information visit www.meed.com/tenders

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.