Saudi Arabia, Oman and Iran only countries to record increases in value
In the week ending 30 January, the Gulf Projects Index declined by 0.1 per cent, with the ongoing conflict in Iraq weighing heavily on the regions projects market.
Iraq saw the biggest decrease over the week, falling by 1 per cent, as four schemes were put on hold, including the $4.4bn Korea Gas Corporation (Kogas) project to develop the Akkas gas field. The field is located in the countrys Anbar province and holds 2.1 trillion cubic feet of gas. Its development was intended to help grow Iraqs natural gas output to 2.5 trillion cubic feet a year by 2018.
|Project name||Project status|
|Kuwait||New headquarters for Central Bank of Kuwait||Complete|
|Oman||Muscat Tram||New project|
|Qatar||Anantara Doha Island Resort||Complete|
|Qatar||New Doha substation||Inactive|
|UAE||Villa Lantana at Al-Barsha South||Budget change|
|For further information visit www.meed.com/meedprojects|
Iraqs projects market has contracted by 22.7 per cent since the jihadist group Islamic State in Iraq and Syria took Mosul in June 2014, with a total of $117.7bn wiped off its value.
The latest decline in Iraqs projects market comes amid renewed fighting near the oil fields of Kirkuk, around the border town of Kobane and north of Baghdad in the city of Samarra.
Kuwait and Qatar also recorded significant dips in the value of their projects markets. Kuwaits projects market declined by 0.5 per cent over the week, as three schemes were completed, including a $417m new headquarters building for the central bank in Kuwait City.
|Upcoming tender deadlines|
|UAE||Dubai Electricity & Water Authority||Solar innovation centre||Feb-15|
|Qatar||Qatar General Electricity & Water Corporation (Kahramaa)||Ras Laffan independent water project||Feb-15|
|Oman||Public Authority for Water & Electricity||Wadi Dayqah treatment plant||Mar-15|
|UAE||Dubai Electricity & Water Authority||Hassyan power plant||26-Mar|
|For further information visit www.meed.com/tenders|
Qatars projects market also saw a contraction of 0.5 per cent. The decrease was driven by 11 completed schemes with a total value of $986bn.
The weeks gainers were Saudi Arabia, Iran and Oman. Saudi Arabias projects market expanded by 0.4 per cent as five new schemes were announced. Iran grew by 0.3 per cent as $500m was added to its projects market.
Oman recorded an expansion of 0.3 per cent, buoyed by the announcement of a $300m scheme to build a tram system in Muscat.
22.7% Contraction in Iraqs projects market since 10 June 2014
$117.7bn Value wiped off Iraqs projects market since 10 June 2014
11 Number of projects completed in Qatar