Index slips as projects reach completion or stall in some countries, while Bahrains market leads growth
The Gulf Projects Index declined by 0.4 per cent in the week up to 1 July giving up gains from the previous week due to declines in the UAE, Iraq and Saudi Arabia.
The UAE saw the biggest decline in the value of its projects sector, falling by 0.9 per cent as $8.9bn in projects were completed and new initiatives failed to close the gap.
Iraq recorded the second-largest contraction in the region, with its projects market declining by $5.6bn. The 1.1 per cent drop occurred after 12 projects worth $5.7bn were put on hold.
|Project name||Project status|
|Bahrain||North Bahrain new towns||Execution|
|Qatar||Light rail transit||Execution|
|Qatar||Lusail City tram system||Execution|
|UAE||Ajman airport logistics and commercial complex||Design|
|UAE||Club Vista Mare||Execution|
|For further information visit www.meed.com/meedprojects|
The freeze on projects took place amid increasing chaos as Islamic State in Iraq and Syria (Isis) militants became entrenched in the country, attacking oil infrastructure and declaring a new caliphate on territory that bridges Iraqs border with Syria.
Saudi Arabia also saw declines in its index, with only two new projects announced over the period. Its market dropped by $4.4bn finishing the period at $1.1 trillion.
The Saudi projects market remains 21.5 per cent higher than it was at the same point last year.
Bahrain recorded the strongest growth during the week, with its market up 1.4 per cent.
|Upcoming tender deadlines|
|Oman||Regional Municipalities, Environment & Water Resources||Design, construction supervision of a flood protection scheme||Jul-14|
|Egypt||New & Renewable Energy Authority||Design, manufacture and construction of 120MW wind farm||Jul-14|
|Saudi Arabia||Saudi Aramco||Khurais expansion||05-Aug|
|Saudi Arabia||Health Ministry||King Faisal Medical City||11-Aug|
|Saudi Arabia||Mecca Municipality||Mecca Metro: phase 1||08-Sep|
|For further information visit www.meed.com/tenders|
Qatar recorded the second-strongest growth, with its index increasing $1.8bn. Qatar Railways Company awarded contracts for a tram system at Lusail, which is due to host the opening and closing games of the 2022 Fifa World Cup football tournament.
The tram contracts were among 59 new initiatives worth $3.4bn that supported Qatars projects market over the week.
Irans projects market rose just 0.3 per cent, with gains of nearly $615m taking it to $230bn. It has declined 7.6 per cent since the same period last year when it stood at $249bn.
Biggest contract $236m
Awarded to Indias Punj Lloyd by Kuwait National Petroleum Company for the overhaul and expansion of Ahmadi Depot
$236m Value of major contract awards
1 Number of contracts awarded
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