The Gulf Projects Index declined by 0.2 per cent due to sharp contractions in the Kuwaiti and Bahraini markets in the week ending 5 March. Only Oman and Iran saw growth as lower oil prices and instability dampen markets.

In numbers this week

$5.65bn Contraction in Kuwait’s project market

$22bn Bahrain’s planned project spend

10 million square metres Size of Nshama Town Square project

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Kuwait recorded a fall of 2.5 per cent in the value of its projects market, or $5.65bn, as two projects worth a combined $7.6bn were put on hold and seven projects saw changes to their budgets.

Bahrain’s projects market fell by 1.8 per cent, or $1.2bn, as progress slows on major projects. Despite the fall in oil prices, Manama announced $22bn would be spent on new projects.

Project updates this week
Project name Project status
Iran South Pars gas field development: phases 22-24 New project
UAE SAS oil field development project Complete
Qatar Expressway programme Budget change
Saudi Arabia King Abdullah Economic City Budget change
Oman Khazzan and Makarem fields Budget change
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Qatar saw a contraction of 0.5 per cent, mainly due to the completion of several Ras Laffan projects. Meanwhile, transport infrastructure projects such as the $21bn Doha Metro, the $7.4bn New Doha Port, the first 146-kilometre phase of the $2.5bn rail project and $14.6bn of roads and drainage schemes are moving ahead.

The only country to record a noticeable increase in the value of its projects market was Oman, which posted a 0.4 per cent gain. It was driven by real estate projects and ongoing infrastructure investments, set to total $8bn in 2015.

Upcoming tender deadlines
  Client Contract Submission date
Oman Public Authority for Water & Electricity Wadi Dayqah treatment plant 16-Mar
UAE Dubai Electricity & Water Authority Hassyan power plant 26-Mar
UAE Nakheel Al-Furjan community centre 05-Apr
Oman Raeco Harweel wind farm 12-Apr
Qatar Qatar General Electricity & Water Corporation (Kahramaa) Ras Laffan independent water project 10-May
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The region’s largest projects market, Saudi Arabia, held steady at nearly $1,200bn. The massive redevelopments of Mecca, Medina and Jeddah saw the most activity, as well as continuing investment in electricity transmission.

The UAE’s steady figures belie an active week in the real estate market, with the announcement of the new 10 million-square-metre Town Square project by Nshama.

Iran recorded a rare gain on its projects market, of 0.2 per cent, as it strategises its oil and gas investment in the hope a nuclear deal will be agreed and sanctions lifted.

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