Value of Gulf projects planned or under way in the region fell by a marginal 0.1 per cent
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 Name||Project Status|
|Iraq||Garraf Oil Field Development||Tender|
|Qatar||Ras Laffan Office Complex||Tender|
|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|
|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.