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 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|
|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.
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