Saudi Arabia only GCC country to record rise in value of projects market
The Gulf Projects Index remained unchanged at $3.2 trillion in the week up to 5 March, as a strong performance by Iran and Iraq offset an overall decline by GCC countries in the index.
Iran posted a strong gain of 1.8 per cent as two new oil projects worth a total of $4bn were launched. Iraqs projects market also rose by 0.7 per cent as a $3.2bn scheme by the Industry & Minerals Ministry to build a petrochemicals complex at Basra was revived.
|Project Name||Project Status|
|Iraq||North Azadegan field development: phase 2||Study|
|Qatar||Ras Laffan common cooling water system||Execution|
|Saudi Arabia||115kV substations||Complete|
|UAE||Inter-refinery pipelines: phase 2 (package 2)||Complete|
|UAE||NFPC: production facility||Execution|
|For further information visit www.meed.com/meedprojects|
In the GCC, Bahrain saw the biggest fall in the index, with the value of its schemes planned or under way slumping by 5.1 per cent as plans were put on hold for Eskan Banks $2.7bn Bandar al-Seef project in the Northshore development in Manama. Bahrain remains the weakest-performing country in the GCC, as the value of its projects market has fallen by 11.6 per cent year-on-year.
The UAE posted the second-biggest drop in the index, with the value of schemes planned or under way falling by 0.7 per cent. The decline was led by the completion of the $1.3bn Ruwais Refinery Expansion Project by state-owned Abu Dhabi Oil Refining Company (Takreer). Another major scheme that was completed in the country was state-owned Dubai Holdings $1.1bn Bay Square development at the emirates Business Bay.
|Upcoming tender deadlines|
|Kuwait||Higher Council for Planning & Development||Operation and maintenance of government building||Apr-14|
|Egypt||Construction Authority for Potable Water & Wastewater||Operation and management of wastewater treatment plant||Apr-14|
|Saudi Arabia||Royal Commission for Jubail & Yanbu||City centre development||Apr-14|
|Lebanon||Council for Development & Reconstruction||Restoration works at Saida and Baalbek||15-Apr|
|Kuwait||Public Works Ministry||Kuwait airport terminal||24-Apr|
|For further information visit www.meed.com/tenders|
The two other countries in the GCC that posted poor performances were Kuwait, which fell 0.4 per cent as a $1bn oil project was put on hold, and Oman, which dipped 0.2 per cent as four schemes were completed and the budgets of five others were revised down.
Saudi Arabia, the largest projects market in the region, was the only GCC country in the index to end higher, as the value of schemes planned or under way in the kingdom rose 0.1 per cent.
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