Political uncertainty results in projects market in Bahrain recording a 1.6 per cent fall
Biggest contract: $434m
Awarded to South Korea’s Hyundai Engineering & Construction to build the new Qatar National Museum in Doha
$1.1bn: Value of major contract awards
5: Number of contracts awarded
For further information visit www.meed.com/contracts
The continuing decline in the Bahrain projects market has resulted in the Gulf projects index falling marginally to $2.5 trillion for the week up to 6 September.
The uncertainty in Bahrain resulted in the value of its projects sector dropping by 1.6 per cent to $52.8bn. Its projects market has now fallen by almost 35 per cent since the unrest began in February.
|Project Name||Project Status|
|UAE||Noor 1 Photovoltaic Plant||Tendering|
|Saudi Arabia||Medinah Knowledge Economic City: Phase I||Cancelled|
|Iran||Abadan Refinery Upgrade: Phase II||Construction|
|Oman||Lekhwair Gas Field Development||Construction|
|Qatar||Qatar National Museum||Construction|
|For further information visit www.meed.com/meedprojects|
The markets in Saudi Arabia and Qatar also declined. Qatar recorded a 1 per cent fall. Saudi Arabia’s 0.1 per cent decrease was a result of the cancellation of two projects worth an estimated total of $1.2bn planned for its economic city schemes at Jeddah and Medina.
The declines in the Bahraini, Saudi and Qatari markets resulted in the GCC projects index, which accounts for about 73 per cent of the total Gulf index, falling by 0.2 per cent to $1.8 trillion.
|Upcoming tender deadlines|
|UAE||Wasl Asset Management||Meridien Hotel expansion||18 September|
|Oman||Transport & Communications Ministry||Batinah Expressway (package 2)||26 September|
|Kuwait||Directorate General of Civil Aviation||New runway||11 October|
|UAE||Abu Dhabi Health Services Company (Seha)||Al-Ain hospital||15 October|
|UAE||Abu Dhabi Airports Company||Midfield Terminal||13 November|
|For further information visit www.meed.com/tenders|
The UAE and Kuwait both recorded small increases in the value of projects planned or under way. In the UAE, three new projects worth a total of $267m were launched and a $60m construction project was revived.
A strong performance from Iran’s projects sector helped to counter-balance the poor performance of the GCC projects index. Iran’s market grew in value by 1 per cent to $305bn. The rise in its projects sector can be attributed to the revival of a $3bn refinery project in the Khuzestan region.
Iraq’s index remained flat for the week up to 6 September, but is still the region’s fastest-growing projects market, recording a 50.6 per cent year-on-year increase.
The political unrest that has swept across the region continues to impact on the Gulf’s projects index, with the total Gulf market recording a 13 per cent year-on-year decrease. The value of the GCC market is 21 per cent down on the same period last year.
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