A weak performance by Iran led to the Gulf Projects Index dropping by 0.1 per cent to $3.2 trillion in the week up to 25 March.

In the GCC region, Bahrain and Oman recorded the biggest declines of 0.2 per cent for the week.

The fall in Bahrain’s projects sector was largely due to the completion of the Mina Salman interchange road scheme in Manama. Bahrain is currently the worst-performing market in the Gulf, as the value of its projects sector has declined 15 per cent compared with the same period a year ago.

Project updates
  Project name Project status
Iraq Al-Ratawi natural gas liquids plant: train 2 Study
Iraq West Qurna-1 gas gathering system expansion Study
Qatar Plateau maintenance project for onshore facilities  Complete
Qatar Sharq crossing: Cultural City approach and bridge Design
Qatar Sharq crossing: Sharq approach and bridge Design
For further information visit www.meed.com/meedprojects

The slump in Oman’s projects market was due mainly to the budgets of eight schemes being reduced by a total of $478m. Despite the drop, Oman remains the third-fastest growing market in the region, as the value of its projects market has increased by 11.1 per cent year-on-year.

The only other country in the GCC to see a decline was the UAE, which recorded a 0.1 per cent drop in its projects sector as the budgets of 24 schemes were revised down by a total of $5.5bn. The budget revisions were largely offset by the launch of 109 projects worth a total of $5.6bn. 

Kuwait was the biggest gainer in the GCC, as the value of projects planned or under way increased by 0.3 per cent. The growth was due to the budgets of four schemes being revised up by a total of $939m.

Upcoming tender deadlines
  Client Contract Submission date
Saudi Arabia  Royal Commission for Jubail & Yanbu City centre development 8-Apr
Lebanon Council for Development & Reconstruction Restoration works at Saida and Baalbek 15-Apr
Kuwait Public Works Ministry Kuwait Airport terminal 24-Apr
Tunisia Office National de l’Assainissement Wastewater treatment plant works 29-Apr
Kuwait Kuwait Oil Company Provision of masterplan for installation services 18-May
For further information visit www.meed.com/tenders

Outside the GCC, Iran recorded the biggest drop in the index, as the value of its projects market declined by 1.8 per cent. The fall was due to the budget of the Iran-Oman pipeline scheme being revised down by $4bn.

In Iraq, 10 new projects worth a total of $3.1bn were launched, which helped push up the value of its projects market by 0.5 per cent. Iraq’s index is up 9 per cent year-on-year.

Contract awards

Biggest contract $1.7bn

Awarded to a joint venture of the UAE/Australian Habtoor Leighton Group and the local AlJaber Engineering for work on the second phase of the New Orbital Highway in Qatar

$4.4bn Value of major contract awards

7 Number of contracts awarded

For further information visit www.meed.com/contracts