Iraq schemes continue to outperform

08 September 2010

As Iraq keeps its top spot, the regional projects market remains flat in early September

Contract awards this week

Biggest contract: $2.42bn

Contract awarded to the local Al-Arrab Contracting Company and China’s Sepco III for the Ras al-Zour power plant

$3.107bn: Value of major contract awards

5: Number of contracts awarded

For further information visit www.meed.com/contracts

The total value of major projects planned or under way in the Gulf on 7 September stood at $2.92 trillion – virtually unchanged on the previous week – according to regional projects tracker MEED Projects.

By value, the largest investments across the gulf were in Iraq, which saw added to the MEED Projects database during the week: The $270m Al-Muthana cement plant; and a $50m licence for oil and gas exploration in the Atrush block. These two projects pushed the Iraq index up by 0.1 per cent, ensuring that it remains the Gulf’s fastest-growing market with 125.8 per cent growth year-on-year.

The GCC projects market remained largely unchanged in the first week of September, with $2.28 trillion of projects planned or under way and few new projects launching. Kuwait’s projects market grew by 0.1 per cent. Schemes include Kuwait Oil Company’s $200m boat harbour and infrastructure works project and the Electricity & Water Ministry’s $200m Funaitess transformer station.

Bahrain was the Gulf’s second-biggest performer, with a $50m Askar Waste-to-Energy Plant launched by the Finance Ministry. Growth was also present in the UAE, where the $408m Harmony Towers at Dubai’s Dubiotech development pushed the index marginally up.

Qatar dipped 0.43 per cent, as the Qatar General Water & Electricity Corporation (Kahramaa)’s Phase VIII OHL package was completed and no new projects were added to the database.

Despite this, there were several major Qatari awards. Local developer Qatari Diar Real Estate Investment Company awarded two major deals – a $687m contract to build the second phase of the new Doha Convention Centre (see page 10) and a $337.8m contract to design and build an underground car park.

Project updates this week
 Project NameProject Status
Saudi ArabiaRas al-Zour Desalination PlantConstruction
UAEInter-Refinery Pipelines - Phase II (Package 2)Construction
KuwaitUmm Alaish LPG Filling PlantConstruction
Saudi ArabiaDivided Zone Water Treatment Facilities: Phase IIIConstruction
OmanNizwa to Ibri Road Dualisation: Phase IIConstruction
For further information visit www.meed.com/meedprojects
Upcoming tender deadlines
 ClientContractSubmission Date
Kuwait Kuwait UniversityFaculty of arts and education19 Sep
QatarQatar Foundation for Education, Science and Social DevelopmentHeadquarters building26 Sep
QatarQatar Foundation for Education, Science and Social DevelopmentFaculty of Islamic studies19 Sep
Saudi ArabiaSaudi AramcoShaybah co-generation plant22 Nov
UAETourism Development & Investment CompanyLouvre Museum main construction30 Oct
For further information visit www.meed.com/tenders

 

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