Kuwait now the second-fastest growing market in the region after Saudi Arabia
Strong growth in Kuwaits 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 Companys $7bn olefins 3 petrochemicals project. The location of the scheme has yet to be decided.
Kuwaits 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 regions smallest projects market, recorded a 0.5 per cent rise, largely due to the revival of Kuwait Commercial Markets Complex Companys $220m new shopping complex that will replace the Isa Town Market.
Project updates | ||
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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 regions 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 Gulfs fastest-growing projects market, up 18.6 per cent on the same period in 2013.
Upcoming tender deadlines | |||
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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 Irans 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. Iraqs projects market remained flat at $529bn.
Contract awards
Biggest contract $3bn
Awarded to Italys Saipem for two packages at Saudi Aramcos 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
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