Iraq gains fail to lift Gulf Projects Index

19 January 2016

Despite increases in Iraq and the UAE, index total only sees small rise

Iraq’s projects market saw the biggest gain this week on the Gulf Projects Index in the week ending on 15 January, according to data from regional projects tracker MEED Projects.

The revival of the $6.5bn Maysan oil refinery enabled Iraq’s market to make gains of 1 per cent.

In numbers

32 Number of new projects in the UAE

$2.3bn Value of stalled or completed projects in Saudi Arabia

$6.5bn Value of Maysan oil refinery in Iraq

The overall index witnessed a 0.1 per cent gain this week, while the GCC markets remained stable with no changes.

Bahrain saw a 0.1 per cent increase in its projects market as $71m-worth of new projects are launched and revived with no completed or cancelled projects bringing down the week’s total.

Projects planned or under way 15 January 2016
Country15-Jan-1608-Jan-16% change on week29-Dec-14% change on year
Saudi Arabia1,001,2851,001,929-0.11,207,138-17.0
Gulf Total3,242,1713,239,3940.13,338,068-3.0
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Saudi Arabia’s market contracted by 0.1 per cent as $2.3bn-worth of projects were either completed or put on hold, including the decision by Saudi Arabia’s Finance Ministry instructing the local Saudi Binladin Group (SBG) to stop work on the expansion of the Prophet’s Mosque in Medina.

Project updates this week
CountryProject NameStatus
IranMahabad petrochemical complex: LDPE/HDPEComplete
QatarSheraton ParkComplete
Saudi ArabiaYanbu North Jeddah products pipelineNew project
UAEJebel Dhanna hotel complexNew project
UAEUmm al-Qwain independent water projectNew project
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The UAE market, on the other hand, witnessed a 0.2 per cent gain as $3.3bn-worth of projects entered the market, including the $450m Jebel Dhanna Hotel complex in Abu Dhabi.

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