With a market growth of 3.8 per cent, Iran offers the main support for the Gulf Projects Index
The Gulf Project index saw a moderate expansion over the week ending on 5 August, with support from growth in Iran, Qatar and the UAE helping the index to rise by 0.1 per cent to $3.33 trillion.
Iran recorded the biggest growth, with $8.4bn of new projects added to its market, an increase of 3.8 per cent, after two weeks of declines. New momentum in a scheme to expand the Iran Gas Trunkline was the key factor bolstering Irans index.
On 26 July, Iran said it expected the design for section IGAT-9 to be completed in two months.
The pipeline will be 1,800km in length, running from the southern oil town of Assalouyeh to the Turkish border. Although the government is planning new investment in the project, there are doubts about whether the scheme will see rapid progress due to the frequent delays that plague Irans oil and gas sector and the opacity of the Iranian projects market.
|Project Name||Project Status|
|Kuwait||Replacement of WPP in WK and of brackish WPP||Main contract bid|
|Iraq||Petrochemical Complex||On hold|
|Iraq||Basra Steel Mill Complex Rehabilitation||On hold|
|Qatar||Pearl Qatar: Viva Bahriya VB-20 and VB-21||Complete|
|Qatar||Pipelines: Main-1 Package A & B||Execution|
|For further information visit www.meed.com/meedprojects|
Qatar grew by 1.1 per cent for the week, buoyed by the Qatar General Electricity & Water Corporation (Kahramaa) mega reservoirs project. The Water Security Mega Reservoirs scheme is being designed to provide seven days of strategic water storage to shore up the countrys reserve water supplies to protect against any future disruptions in supply.
Iraqs project market contracted by 1.1 per cent, making it the regions biggest decline. Iraq has recorded four weeks of consecutive declines as Sunni militants consolidate gains after seizing control of large areas of the country in June.
|Upcoming tender deadlines|
|Oman||Oman Power & Water Procurement Company||Qurrayat water project||08-Sep|
|Saudi Arabia||Mecca Municipality||Mecca Metro: phase 1||08-Sep|
|Dubai||Dubai Electricity and Water Authority||M station expansion||15-Sep|
|Kuwait||Ministry of Electicity and Water||Overhead lines - various locations||16-Sep|
|Oman||Transport & Communications Ministry||Batinah Expressway: package 8||22-Sep|
|For further information visit www.meed.com/tenders|
After peaking on 8 July at $516bn Iraqs market fell by 3.9 per cent, to $496bn on 5 August 2014.
In the week ending on 5 August, a $700m project to overhaul Basra Steel Mill and a $3.2bn scheme to build a new petrochemical facility in Basra were both put on hold due to continued fighting.