The Gulf Projects Index fell by 0.4 per cent on the last week of 2015 to reach about $3.2 trillion.

Oman’s projects market experienced the sharpest fall, at 2 per cent, as a result of more than $350m-worth of completed projects, $200m turned inactive, and a major industrial scheme – the $3bn gas-based steel plant in Dhofar – being put on hold. The steel plant was to be developed by a joint venture of Oman Oil Company (OOC) and the Steel Authority of India.

$3.08bn Value of projects put on hold in Oman

28 Number of new projects announced in the UAE

$686m Value of new projects in Kuwait

Iran’s projects market index fell by 1 per cent, despite the revival of the $1.3bn Pars condensate refinery and an upward budget adjustment for the Chabahar crude oil and urea port, which will be jointly developed with the Indian government.

Projects planned or under way 31 December 2015
Country 31-Dec-15 23-Dec-15 Change on week (%) 29-Dec-14 Change on year (%)
Bahrain 71,864 72,311 -0.6 61,564 17.5
Kuwait 247,434 247,489 0.0 217,431 13.8
Oman 166,792 170,248 -2.0 154,431 10.2
Qatar 276,320 277,136 -0.3 287,338 -3.6
Saudi Arabia 1,002,532 1,002,788 0.0 1,209,138 -17.1
UAE 856,080 862,195 -0.7 810,917 6.3
GCC 2,621,022 2,632,167 -0.4 2,740,819 -4.0
Iran 253,976 256,537 -1.0 209,853 22.2
Iraq 353,428 353,592 0.0 403,087 -12.3
Gulf Total 3,228,426 3,242,296 -0.4 3,353,759 -3.3
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Iran’s negative performance on the week ending 31 December is attributed mainly to the completion of $3.4bn-worth of projects, led by the $2.5bn Persian Gulf Star condensate refinery in the Islamic state’s Hormozgan province, as well as the placing on hold of a proposed low-density polyethylene (LDPE) plant in Khuzestan and a mining plant in Razavi Khorasan province.

Project updates this week
Country Project name Status
Iran Persian Gulf Star condensate refinery Complete
Iran Yadavaran oil field: early production facilities Ð phase 1 Complete
Oman Gas-based steel plant On hold
Saudi Arabia Dubaiyah Beach and Vacation Club Resort New project
UAE Perfect City On hold
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The UAE’s index contracted by 0.7 per cent. While nearly $1.4bn-worth of new projects were inducted into its index in the last week of 2015, the same value of projects were completed, including the second phase of the Hidd al-Saadiyat in Abu Dhabi.

The status of nearly $5bn-worth of projects in the UAE was also changed to inactive due to the absence of any recent developments. A further $1bn-worth of projects was also put on hold.

Upcoming tender deadlines
Country Client Contract Submission date
UAE Roads & Transport Authority Route 2020 metro extension 17-Jan
Kuwait Directorate General of Civil Aviation Runway 07-Feb
UAE Sharjah Electricity & Water Authority Hamriyah power plant expansion 07-Feb
Saudi Arabia Saudi Electricity Company Taiba power plant Mid-Feb
UAE Abu Dhabi General Services Company (Musanada) Umlifaina bridge 31-Mar
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Kuwait’s projects market remained largely flat. Section B of the Sabah al-Ahmed Township led the list of projects completed on the last week of 2015, while seven new projects including IFA Hotels & Resort’s $450m Dubaiyah Beach and Vacation Club were introduced into the state’s projects market.