Despite increases in Iraq and the UAE, index total only sees small rise
Iraqs 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 Iraqs 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 weeks total.
| Projects planned or under way 15 January 2016 | |||||
|---|---|---|---|---|---|
| Country | 15-Jan-16 | 08-Jan-16 | % change on week | 29-Dec-14 | % change on year |
| Bahrain | 71,910 | 71,851 | 0.1 | 61,564 | 16.7 |
| Kuwait | 256,338 | 256,435 | 0.0 | 219,243 | 17.0 |
| Oman | 167,245 | 167,493 | -0.1 | 152,984 | 9.5 |
| Qatar | 275,320 | 275,698 | -0.1 | 286,276 | -3.7 |
| Saudi Arabia | 1,001,285 | 1,001,929 | -0.1 | 1,207,138 | -17.0 |
| UAE | 855,405 | 854,025 | 0.2 | 811,425 | 5.3 |
| GCC | 2,627,503 | 2,627,431 | 0.0 | 2,738,630 | -4.1 |
| Iran | 258,193 | 258,558 | -0.1 | 194,062 | 33.2 |
| Iraq | 356,475 | 353,405 | 0.9 | 405,376 | -12.8 |
| Gulf Total | 3,242,171 | 3,239,394 | 0.1 | 3,338,068 | -3.0 |
| For further information visit www.meed.com/projects/gulf-projects-index | |||||
Saudi Arabias 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 Arabias Finance Ministry instructing the local Saudi Binladin Group (SBG) to stop work on the expansion of the Prophets Mosque in Medina.
| Project updates this week | ||
|---|---|---|
| Country | Project Name | Status |
| Iran | Mahabad petrochemical complex: LDPE/HDPE | Complete |
| Qatar | Sheraton Park | Complete |
| Saudi Arabia | Yanbu North Jeddah products pipeline | New project |
| UAE | Jebel Dhanna hotel complex | New project |
| UAE | Umm al-Qwain independent water project | New project |
| For further information visit http://www.meedprojects.com/home | ||
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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