Oman and Iran suffer major setbacks
The Gulf Projects Index fell by 0.4 per cent on the last week of 2015 to reach about $3.2 trillion.
Omans 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
Irans 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 (%)|
|For further information visit www.meed.com/projects/gulf-projects-index|
Irans 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 states 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|
|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|
|For further information visit www.meedprojects.com/home|
The UAEs 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|
|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|
|For further information visit www.meed.com/news/tenders|
Kuwaits 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 & Resorts $450m Dubaiyah Beach and Vacation Club were introduced into the states projects market.