Contract awards

Biggest contract: $3.8bn

Value of contract awarded to US-based KBR by the US Army Corps of Engineers for construction work across the Middle East

$5.51bn: Value of major contract awards

5: Number of contracts awarded

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Kuwait’s decision to revitalise two major projects, as well as Saudi Arabia rebounding after last week’s near 10 per cent drop, means the Gulf Index rose by 1.2 per cent to $2.53 trillion this week.

A large-scale downstream hydrocarbons projects worth about $15bn has been approved by the Supreme Petroleum Council in Kuwait. The New Refinery Project (NRP) at Al-Zour, which has twice been cancelled, will now go ahead. 

The NRP will have a capacity of about 530,000 barrels a day of oil and will be one of the largest refineries ever built in one phase. The announcement pushed Kuwait’s project index up to $167bn, a week-on-week rise of 8.4 per cent.

Saudi Arabia also bounced back from last week’s almost 10 per cent drop with the announcement of several small projects. The scheme caused the value of the kingdom’s project market to rise by 3.7 per cent.

This was not enough to move the UAE from its number one position on the index, despite it falling by 0.8 per cent. The kingdom remains about $20bn behind the UAE with $614bn-worth of projects compared with $634bn. The drop was caused by only four projects being announced in the UAE, as well as 14 projects being completed and nine stalling.

Project updates 
  Project Name Project Status
Kuwait New Refinery Project: Package 1 (Process Plant) EPC Bid
Saudi Arabia Yanbu Power Plant II Cancelled
Saudi Arabia Ras al-Zour Fertiliser Complex – Phosphoric Acid Plant Complete
UAE Lyon-Dubai City On Hold
Iraq Iraq Housing Project: Phase I EPC Bid
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The rest of the GCC’s projects markets also dipped. Oman had some good news, however, as it had a 6 per cent year-on-year increase over 2010.

Outside the GCC, Iran fell by 2.4 per cent, but Iraq continued to rise with its projects index increasing by 1.6 per cent. This equates to a year-on-year rise of 37 per cent and indicates there is a lot of project potential in the Gulf state, due to its rebuilding programme.

Upcoming tender deadlines
  Client Contract Submission date
Kuwait Health Ministry Al-Amiri hospital 10 July
Kuwait Kuwait Oil Company   Soil remediation 17-Jul
Saudi Arabia Interior Ministry Medical complexes 7 August 
Qatar Public Works Authority (Ashghal) Lusail Expressway  8 August
UAE Abu Dhabi Airports Company Midfield Terminal 11 September
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Aside from Oman and Iraq, all other countries have slipped on the index compared with the same time in 2010.