Contract awards

Biggest contract: $550m

Awarded to South Korea’s GS Engineering & Construction to design and build a tank farm at the Mina al-Ahmadi refinery in Kuwait

$1.04bn: Value of major contract awards

4: Number of contracts awarded

For further information visit www.meed.com/contracts

The wave of popular protests are beginning to have an impact on the region’s projects market, as Bahrain’s index recorded a 3.6 per cent fall in the seven days up to 9 March.

The Gulf projects market rose by only 0.1 per cent to $2.6 trillion for the week, according to regional projects tracker MEED Projects.

The driver of growth in the index was the 0.8 per cent increase recorded by Iran. The country’s growth was spurred by the launch of two oil pipeline projects worth a total of $2.6bn.

The Iraq market grew by 0.1 per cent as a $200m fluid catalytic cracker unit project in Basra was added to the database.

Upcoming tender deadlines
  Client Contract Submission date
UAE Mubadala Development Company Four Seasons hotel 15 Mar
UAE Abu Dhabi Gas Industries Company (Gasco) Habshan carbon recovery and reinjection and nitrogen injection 29 Mar
Saudi Arabia Saudi Aramco King Abdullah Sports City stadium 14 Apr
UAE Abu Dhabi Airport Company Midfield Terminal 10 Jul
UAE Etihad Rail Company Civil engineering work 4 May
For further information visit www.meed.com/tenders

The GCC market, which accounts for about 74 per cent of the Gulf’s projects index, recorded a marginal fall. The effects of continued protests in Bahrain appear to be having an effect on the projects sector as the kingdom recorded the biggest fall in the Gulf. The main reason for this was two construction schemes worth $2.9bn being put on hold.

The recent protests in Oman have so far not had a negative impact on the sultanate’s projects market. The country recorded an increase in its projects market of 1 per cent, the highest jump in the region. The main reason for this was the announcement of $1bn-worth of expansion projects on Jindal Shadeed’s Sohar steel complex.

Project updates this week
  Project Name Project Status
Saudi Arabia Phase II – Expansion of Rabigh Ethane Cracker Tender
UAE Shah Sulphur Railway Tender
Sudan Khartoum New International Airport Construction
Saudi Arabia Arabiyah-Hasbah Development Prog: Sub-sea Pipelines Construction
UAE Watani Development: Phase III Tender
For further information visit www.meed.com/meedprojects

The UAE and Saudi Arabia recorded minor growth in the total value of projects planned or under way. The UAE’s market grew by 0.3 per cent as a result of the announcement of new projects worth $1.9bn in total. The largest of these is the estimated $1.2bn development for the Abu Dhabi police’s Security Search Department.

The Gulf’s projects market is still down on last year, recording a 9 per cent drop over this period.