Kuwait leads growth in Gulf Index

19 June 2014

UAE, Qatar and Iraq only other countries to record increase in value

The Gulf Projects Index rose 0.1 per cent in the week up to 17 July, led by growth in Kuwait and the UAE.

Kuwait was the biggest gainer of the week, as the value of schemes planned or under way increased by 0.4 per cent. The growth was largely due to the launch of a plan by the Ministry of Electricity & Water to spend $1bn to expand two power plants in Subiya.

Kuwait’s projects market has enjoyed a strong year and is now the fastest-growing projects market in the Gulf region, with the value of its index up 22.4 per cent year-on-year.

The UAE’s projects index rose by 0.3 per cent, driven by the launch of a $560m scheme by the Sheikh Zayed Housing Programme. The country’s projects sector also got a boost from the launch of a $275m scheme by the local Damac Properties to build 90 apartments at its Akoya Golf Community development in Dubai.

Project updates 
 Project nameProject status
IraqHigh Speed Railway Network: Basra-Fao lineDesign
KuwaitSubiya 2 enhancement projectStudy
Saudi ArabiaJabal al-Sharashif development in MeccaStudy
Saudi ArabiaKa-Care: Sustainable CityStudy
UAEMohammed bin Rashid City – District OneBidding
For further information visit www.meed.com/meedprojects

Qatar grew by 0.1 per cent due to the launch of 23 new projects, the largest of which is a $94m scheme by the Qatar Olympic Committee to build a multipurpose hall at Al-Sadd Sports Club.

Saudi Arabia, the region’s largest projects market, fell by 0.1 per cent due to the completion of a $320m scheme to build the 727-room Al-Saheefa Hotel in Mecca. Despite the decline, the kingdom’s projects market has performed well this year, rising 20.3 per cent year-on-year.

Outside the Gulf, Iraq’s projects market rose 0.2 per cent as the value of the Industry & Minerals Ministry’s Basra steel mill complex scheme was revised upwards by $700m.

Upcomimg tender deadlines
 ClientContractSubmission date
EgyptGeneral Authority for New Urban SocietiesProvision of public utilities for social housing project25-Jun
QatarPublic Works Authority (Ashghal)Design, build and operation of Musaimeer pumping station30-Jun
OmanRegional Municipalities, Environment & Water ResourcesDesign, construction supervision of a flood protection scheme08-Jul
EgyptNew & Renewable Energy AuthorityDesign, manufacture and construction of 120MW wind farm20-Jul
Saudi ArabiaHealth MinistryKing Faisal Medical City11-Aug
For further information visit www.meed.com/tenders

Iran’s projects index decreased by 0.1 per cent as Iranian Central Oil Fields Company put its $500m Halegan gas refinery scheme and $500m Halegan field development on hold.

Biggest contract $667m

Awarded to the local El-Seif Engineering Contracting to build phase 2b of the Saudi Interior Ministry’s King Abdullah Project security compounds network

$857m Value of major contract awards

3 Number of contracts awarded

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications