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 Gulfs 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 name||Project status|
|Kuwait||Kuwait Environmental Remediation Project||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 UAEs 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 worlds 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 Republics projects market came ahead of a possible agreement on Tehran restricting its nuclear programme in return for relief from economic sanctions.
|Upcoming tender deadlines|
|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 regions 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.
$8.9bn Kuwaits weekly expansion
$5.9bn The value of new projects in the UAE
$1.1bn The value of new projects in Saudi Arabia