Strong growth in Kuwait’s projects market contributed to the value of the Gulf Projects Index increasing by 0.3 per cent to $3.3 trillion for the week up to 13 May.

No countries posted a decline for the week in the index, which is up 10.6 per cent compared with the same period a year ago.

The value of schemes planned or under way in Kuwait rose by 3.1 per cent to $214bn. The main reason for the growth was the revival of Petrochemical Industries Company’s $7bn olefins 3 petrochemicals project. The location of the scheme has yet to be decided.

Kuwait’s projects market has enjoyed a strong year to date and is now the second-fastest growing market in the region, with the value of its projects index up 13.9 per cent year-on-year.

Bahrain, the region’s smallest projects market, recorded a 0.5 per cent rise, largely due to the revival of Kuwait Commercial Markets Complex Company’s $220m new shopping complex that will replace the Isa Town Market.

Project updates 
  Project name Project status
UAE Ruwais Refinery Expansion Project: package 3 Complete
Qatar New medical city and trauma mass casualty hospital Study
UAE Abu Dhabi airport: mid-field terminal complex roads Execution
Iran Esfahan refinery upgrade Execution
Saudi Arabia Ras al-Khair-Riyadh water transmission pipeline Complete
For further information visit www.meed.com/meedprojects

The value of projects planned or under way in Saudi Arabia, the region’s biggest market, grew by 0.2 per cent. The increase was partly due to the launch of a $2.5bn tourism project to develop the Al-Rayis area in the Medina region. The kingdom is the Gulf’s fastest-growing projects market, up 18.6 per cent on the same period in 2013.

Upcoming tender deadlines
  Client Contract Submission date
Kuwait Kuwait Oil Company Provision of masterplan for installation services 18 May
UAE Nakheel Jebel Ali Village Club 20 May
UAE Tourism Development & Investment Company Guggenheim Museum 5 Jun
Saudi Arabia Health Ministry King Khaled Medical City 18 Jun
Egypt New & Renewable Energy Authority Design, manufacture and construction of 120MW wind farm 20 Jul
For further information visit www.meed.com/tenders

Outside the GCC, the value of Iran’s projects market increased by 0.4 per cent to reach $218bn. The growth was due to the revival of five packages worth a total of $2.4bn on the upgrade of the Esfahan refinery. Despite the rise, Iran remains the worst-performing market in the Gulf region, down 13.6 per cent year-on-year. Iraq’s projects market remained flat at $529bn.

Contract awards

Biggest contract $3bn

Awarded to Italy’s Saipem for two packages at Saudi Aramco’s integrated gasification combined-cycle power project at Jizan Economic City

$3.1bn Value of major contract awards

3 Number of contracts awarded

For further information visit www.meed.com/contracts