Iraq keeps Gulf Projects Index off negative territory

11 February 2016

Index gains marginal as growth registers at only 0.01 per cent

Iraq’s projects market index gained 0.7 per cent on the week ending 5 February on the back of a $2.8bn upward adjustment to the budget of the Common Seawater Supply Project (CSSP), owned by the South Oil Company.

Iraq’s positive performance helped the overall index avoid a decline, by growing a marginal $345m – hardly a hundredth of a per cent – compared with the previous week’s index.

In numbers

$1.1bn The value of completed projects in the UAE

2 The number of new projects announced in Oman

$990m The value of completed projects in Saudi Arabia

The indices of Bahrain, Kuwait, Iran and Oman also grew marginally, whereas the indices of Qatar, Saudi Arabia and the UAE retreated.

Bahrain’s growth hinged mainly on a new captive power project launched by the Aluminium Bahrain (Alba) worth an estimated $100m. A $330m road project between the Northern Regional Road’s crossroad 58 and 82 buoyed Kuwait’s index, offsetting the completion of $33m-worth of projects in its oil and construction sectors, and another project, a multipurpose hall at the Defence Ministry, being put on hold.

Projects planned or under way 5 February 2016
Country05-Feb-1629-Jan-16% change on week06-Feb-15% change on year
Saudi Arabia1,007,8491,008,578-0.11,171,209-13.9
Gulf Total3,256,6003,256,2550.03,320,678-1.9
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In Iran, a new captive power plant for the Damavand Petrochemical Complex in Tehran, estimated to carry a project value worth $750m, was countered by the completion of the $700m North Yaran oil field development in Khuzestan province, leaving Iran with a net project value gain of about $50m.

Residential construction projects worth $300m were annonuced in Oman. New projects worth an estimated $120m did not prevent Qatar from shedding points on the index due to the completion of more than $200m-worth of projects, as well as some downward budget adjustment on two packages under the Lusail City masterplan and Hamad International airport expansion.

Project updates this week
CountryProject nameStatus
IranNorth Yaran oil field developmentComplete
IranDamavand Petrochemical Complex: phase 1 – power plantExecution
KuwaitNorthern Regional Road from Crossroad No 82 to Crossroad No 58 (RA/260)Main contract bid
OmanIntegrated residential complexDesign
UAEUmm Shaif oil network expansion projectOn Hold
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Nearly $1bn-worth of projects in Saudi Arabia were completed, with only one new project in the construction sector – valued at an estimated $80m – inducted into its market during the week.

In the UAE, 14 projects with a cumulative value of $1.09bn were completed, whereas 17 new projects carrying an estimated budget of $1.42bn have been announced. The largest of the new projects is the $300m package 9 for the Jewel of the Creek Development.

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