Lack of movement reflects some projects being initiated and others being cancelled
Contract awards 9 November 2010
Biggest contract: $450m
Awarded to SNC-Lavalin for work on the Great Man Made River project in Libya
$616m: Value of major contract awards
5: Number of contracts awarded
The total value of projects planned or under way in the Gulf remained steady at about $2.93 trillion in the seven days to 9 November, according to MEED’s Gulf Projects Index, which tracks trends in the region’s major projects markets.
The lack of significant movement continues the overall trend in the regional projects market since the summer. It also comes a week before the Eid break.
|Project updates 9 November 2010|
|Project Name||Project Status|
|Saudi Arabia||Jubail Industrial City Polyacetal Factory||Design|
|Oman||Ras al-Hadd Airport: Package III||Prequalification|
|Saudi Arabia||Tabuk Power Plant Expansion (Phase VII)||Construction|
|Oman||Redevelopment of Salalah International Airport||Construction|
|Oman||220 kV Sur Grid Station||Construction|
|For further information visit www.meed.com/meedprojects|
The projects index shows that while 12 new projects have been initiated and four revived over the past seven days, six projects worth $1.85bn were either cancelled or put on hold during the period.
The GCC, which accounts for about 78 per cent of the overall Gulf projects market, also remained flat at about $2.3 trillion. Qatar and Oman each had three new projects initiated, worth a total of $835m. The total value of projects planned or under way for these countries grew by 0.24 per cent and 0.05 per cent respectively.
Bahrain, Kuwait and the UAE all witnessed a decline in the value of projects planned or under way on the previous week. The decline in the UAE can be attributed to the completion of a $500m project at Dubai Sports City and the decision to put the $817m Boris Becker Beach Resort and Tennis Academy on Ras-al Khaimah’s Al-Marjan Island development on hold.
|Upcoming tender deadlines|
|UAE||Tourism Development & Investment Company||Louvre museum||14-Nov|
|Saudi Arabia||Saudi Aramco||Shaybah co-generation plant||22-Nov|
|Oman||The Wave||Kempinski Hotel||1-Dec|
|Saudi Arabia||SWCC & Marafiq||Yanbu power and water desalination plant||11-Dec|
|UAE||Centre of Waste Management - Abu Dhabi||Integrated waste management project||23-Dec|
|For further information visit www.meed.com/tenders|
Saudi Arabia witnessed the largest increase during the week, with an index increase of 0.3 per cent. Part of the reason for the rise is the new $70m tower project in Jeddah.
Outside the GCC, Iran recorded a 0.2 per cent decrease, while Iraq’s project market recorded little change. The overall projects index is still positive, with the Gulf achieving a 9 per cent year-on-year increase.
Iraq remains the region’s fastest growing market, with a 122 per cent year-on-year increase.