The Gulf Projects Index saw a third week of gains in the week ending 11 November, expanding by 0.5 per cent.

Kuwait led the growth, with an increase of 4.4 per cent, as it added $8.9bn to its projects market, buoyed by new power schemes including a Ministry of Electricity & Water project to extend the 132kV ground cables network in the Jaber al-Ahmed area.

Oman, the Gulf’s second smallest projects market after Bahrain, also saw significant gains, expanding by 2.5 per cent, as it added $3.7bn to its projects market.

Project updates
  Project name Project status
Kuwait Kuwait Environmental Remediation Project Execution
Oman Batinah Expressway Execution
Qatar New Port Project: QENFB buildings – package 1 Execution
UAE Abu Dhabi airport: Midfield Terminal complex Execution
UAE Nasr full-field development: phase 2 – package 2 Execution
For further information visit www.meed.com/meedprojects

The UAE’s projects market saw a minor increase of 0.7 per cent over the week. The expansion was driven by $5.9bn in new project announcements, the majority of which were construction, power and transport schemes. Amid the new additions is a $500m project to construct a power plant to enable increased production from the Dubai Aluminum (Dubal) complex, which houses one of the world’s largest aluminum smelters.

Dubal will be the owner and operator of the new power plant and is currently waiting for a feasibility study to be completed.

Iran recorded the biggest decrease over the week, with a contraction of 0.8 per cent.

The drop in the value of the Islamic Republic’s projects market came ahead of a possible agreement on Tehran restricting its nuclear programme in return for relief from economic sanctions.

Upcoming tender deadlines
  Client Contract Submission date
Bahrain Works Ministry Al-Madina al-Shamaliya sewage treatment plant Nov-14
Kuwait Kuwait Gulf Oil Company Nuwaiseed port upgrade Dec-14
Qatar Supreme Committee for Delivery & Legacy Al-Wakrah stadium Dec-14
Qatar Qatar General Electricity & Water Corporation (Kahramaa) Ras Laffan independent water project Jan-14
UAE Dubai Electricity & Water Authority Hassyan power plant 26-Jan
For further information visit www.meed.com/tenders

Talks are taking place between Iran, the US, Russia, China, Germany, the UK and France.

Iraq was the only other market to shrink, dropping 0.1 per cent.

Saudi Arabia, the region’s largest projects market, stayed unchanged over the week as new schemes worth a total of $1.1bn were offset by completed projects, budget reductions and inactive schemes.

In numbers

$8.9bn Kuwait’s weekly expansion

$5.9bn The value of new projects in the UAE

$1.1bn The value of new projects in Saudi Arabia