The Gulf Projects Index saw an expansion of 0.1 per cent in the week ending 16 December, as contractions in Saudi Arabia, Iran and Iraq were counteracted by expansions across the rest of the region.

The UAE and Oman saw the biggest growth, both increasing by 0.4 per cent. The UAE’s expansion came after 75 new projects were announced with a combined value of $3.6bn. The new schemes were mainly construction projects to build offices, apartments and mixed-use tower blocks.

Oman saw 97 new schemes added, with a total value of $5.5bn, while three projects were revived, further buoying the projects market by $211m. The new schemes include transport, construction and oil projects. Among them are two packages, each worth $2.2bn, to build a refinery as well as associated offsites and utilities south of Muscat. Weighing on the growth in Oman’s projects market was the completion of nine schemes worth a total of $461m.

Project updates
  Project name Project status
Iraq Khabat steam power plant Revived
Oman Barrack accommodation at Airport Heights Complete
Oman Duqm refinery Budget change
Oman Duqm refinery: offsite and utilities (EPC 2) New project
UAE Mohammed bin Zayed medical city New project
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Iran recorded the week’s biggest decline, with its projects market shrinking by 0.7 per cent and a total of $1.5bn wiped off its value. The drop comes as several large oil and gas projects have been cancelled.

Iraq’s projects market fell by 0.1 per cent to $403bn as the struggle between the jihadist group Islamic State in Iraq and Syria (Isis) and internationally supported government forces continued. Iraq has seen $115.8bn wiped off its projects market since Isis took Mosul in June, a year-on-year contraction of 22 per cent.

Upcoming tender deadlines
  Client Contract Submission date
Qatar Supreme Committee for Delivery & Legacy Al-Wakrah stadium Dec-14
Qatar Qatar General Electricity & Water Corporation (Kahramaa) Ras Laffan independent water project Jan-14
UAE Gulf Related Maryah Central Jan-14
UAE Dubai Electricity & Water Authority Hassyan power plant Jan-14
UAE Dubai Electricity & Water Authority Solar innovation centre 29-Jan
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Saudi Arabia also saw a decline of 0.1 per cent, with $1.2bn wiped off its projects market as several transport and construction schemes were completed, put on hold or cancelled.

Four new projects worth a total of $427m were announced in the kingdom.

In numbers

97 Number of new projects in Oman

75 Number of new projects in the UAE

4 Number of new projects in Saudi Arabia