Six per cent rise in Kuwait market contributes to Gulf Projects Index growth
The Gulf Projects Index recorded growth of 0.5 per cent for the week up to 27 February, driven by the significant 6 per cent rise in the value of Kuwaits projects market, as well as increases elsewhere in the GCC.
Following the approval of a new five-year plan, which mainly revives older stalled schemes, Kuwaits project market jumped $13bn, to reach $230bn, its highest level since 2010. The $116bn plan includes major infrastructure improvements in oil and gas, utilities, transport and housing.
|Project name||Project status|
|Saudi Arabia||Shale gas development: system A||New project|
|Saudi Arabia||Shale gas development: system B||New project|
|UAE||Business Bay: Global Bay View 2 & 3||Cancelled|
|UAE||Tilal City (Sharjah)||Inactive|
|For further information visit www.meed.com/meedprojects|
Saudi Arabia, the regions largest projects market, posted a 0.7 per cent rise following confirmation that work will go ahead on the $9bn-plus Jizan Refinery and associated projects. Further investment in infrastructure and housing projects also contributed to the rise.
Bahrain and Oman both recorded increases of 0.4 per cent in their indices based on strong real estate markets. Oman is also investing in tourism developments.
The UAE, meanwhile, saw its project market drop 0.8 per cent, as a result of a slowdown in the real estate sector.
|Upcoming tender deadlines|
|Kuwait||Electricity & Water Ministry||Doha desalination plant||10-Mar|
|Oman||Special Economic Zone Authority at Duqm terminal||Bulk liquid berths||10-Mar|
|Oman||Public Authority for Water & Electricity||Wadi Dayqah treatment plant||16-Mar|
|UAE||Dubai Electricity & Water Authority||Hassyan power plant||26-Mar|
|Qatar||Qatar General Electricity & Water Corporation (Kahramaa)||Ras Laffan independent water project||10-May|
|For further information visit www.meed.com/tenders|
The value of its projects market fell below $800bn for the first time since October 2014. This is despite the award of a $590m deal to the UK/local contractor Al-Futtaim Carillion for Meraas La Mer and Dubai Creek Waterfront projects, and progress on plans to build new Dubai creek crossings and the $1.3bn Fujairah refinery.
The value of Qatars projects market rose by less than 0.1 per cent as the country reins in an overheated construction market. However, awards on the Doha Metro mean key projects are still moving forward in preparation for the World Cup in 2022.
Iraq recorded a 0.1 per cent rise as the central government pushes ahead with housing and infrastructure schemes.
$13bn Increase in the value of Kuwaits project market
More than $9bn Value of Jizan Refinery Project
17 Number of contracts awarded in week of 20-27 February 2015
For further information visit www.meed.com/contracts