A solid performance by Iraq and the UAE led to the Gulf Projects Index rising by 0.2 per cent to $3.2 trillion for the week up to 15 April.

In the GCC, the UAE saw the strongest growth, as the value of schemes planned or under way increased by 0.7 per cent. A total of 170 new projects were launched during the week, the largest of which was a $490m scheme by the UAE/Australian Habtoor Leighton Group to build staff housing in Dubai.

Kuwait and Qatar had the biggest declines in the GCC, with each country’s index falling by 0.6 per cent. The slump in Kuwait was due to the completion of the $1.2bn Mubarak al-Kabeer Seaport, while the drop in Qatar was largely due to the $2bn Airport City scheme being put on hold. Qatar also saw the completion of the $400m West End Park project.

Saudi Arabia, the largest and fastest-growing projects market in the region, rose 0.1 per cent as the budget of the Jubail polyurethane plant scheme grew by $2.7bn.

Project updates
  Project name Project status
Iraq Farzad B gas field development : offshore package On hold
Iraq Kurdistan independent power project Prequalification
Iraq Taq Taq Dam and hydropower project Design
Kuwait Mubarak al-Kabeer Seaport: phase 1 – package 2 Complete
Qatar West End Park Complete
For further information visit www.meed.com/meedprojects

Outside the GCC, Iran’s projects market fell 0.6 per cent as a $1bn gas scheme was put on hold and a $350m petrochemicals plant project was completed. Iran is now the worst-performing projects market in the region, as the value of schemes planned or under way in the country is down 16.2 per cent compared with last year.

Upcoming tender deadlines
  Client Contract Submission date
Kuwait Public Works Ministry Kuwait airport terminal 24-Apr
Tunisia Office National de l’Assainissement Wastewater treatment plant works 29-Apr
Saudi Arabia Finance Ministry Governmental Authorities Complex infrastructure 04-May
UAE Tourism Development & Investment Company Guggenheim Museum 08-May
Kuwait Kuwait Oil Company Provision of masterplan for installation services 18-May
For further information visit www.meed.com/tenders

Iraq’s projects market saw the largest gain across the region, as the value of schemes planned or under way rose by 1 per cent. A total of 13 new projects were launched during the week, the largest of which was a $2bn power plant in Kurdistan. The gains from the new schemes were offset by the $2.4bn reduction in the budget of a project to build degassing stations in the Zubair oil field.

Contract awards

Biggest contract: $4.8bn

Awarded to a consortium of Japan’s JGC Corporation and South Korea’s SK Engineering & Construction and GS Engineering & Construction to expand the Mina al-Ahmadi refinery in Kuwait

$13bn: Value of major contract awards

9: Number of contracts awarded

For further information visit www.meed.com/contracts