The Gulf index gained just 0.1 per cent in the week ending 30 April, as a GCC slowdown all but cancelled out other expansions.

Iran’s projects market recorded a gain of 2.4 per cent, or $4.5bn, as it looks ahead to the lifting of sanctions. The largest new scheme to be announced was the $2.7bn development of the Fars onshore gas fields. However, a full sanctions deal will have to be signed before the project can go ahead.

Project updates
  Project name Project status
Dubai Dubai Marina: Bay Central Complete
Dubai Jumeirah Village: The HQ Revived
Iran Aghar gas field development: phase 2 New project
Qatar Ras Laffan industrial desalination facility Cancelled
Saudi Arabia Saudi Aramco stadiums On hold
For further information visit www.meed.com/meedprojects

The market is now close to reaching a value of $194bn, but is still 44.5 per cent below its April 2010 high of $349bn.

Iraq recorded the second-largest rise of 0.3 per cent, or more than $1bn, despite a spate of fatal car bombings in Baghdad.

The overall GCC projects market fell by 0.1 per cent, with Oman recording the largest contraction. The sultanate’s projects market lost 0.5 per cent of its value due to project completions, rounding off a month of consecutive losses in which the market has fallen $865m since 27 March. However, it is still 11.6 per cent up year-on-year.

Upcoming tender deadlines
  Client Contract Submission date
Saudi Arabia Saudi Electricity Company Waad al-Shamal power plant 19 May
UAE Investment Corporation of Dubai Atlantis Resort 21 Jun
Saudi Arabia Metro Jeddah Company Obhur Bridge 26 Jul
Oman Oman Power & Water Procurement Company (OPWP) Sohar 3/Ibri IPP 2 Aug
Saudi Arabia Saudi Electricity Company/Saudi Aramco Fadhili IPP 31 Aug
For further information visit www.meed.com/tenders

Saudi Arabia also recorded a 0.3 per cent decline as major schemes are reviewed due to low oil prices, cabinet reshuffles and a new edict meaning the royal court will have to approve all projects over $80m. However, essential schemes, especially in the housing and transport sector, are moving ahead.

Bahrain posted a 0.2 per cent gain as the GCC commits to funding its infrastructure projects to prevent the return of unrest.

Qatar’s projects market fell by 0.1 per cent on the cancellation of the Ras Laffan desalination plant. Doha is focusing on schemes essential to the 2022 World Cup.

The UAE’s market grew by 0.1 per cent, stabilising after more than two months of falls, which have wiped more than $41bn from its value since February.

In numbers

$4.5bn Growth in value of Iran projects market

5% Fall in value of UAE projects market from 13 February to 3 May

$80m Threshold above which Saudi projects need the king’s approval