The Gulf Projects Index rose 0.2 per cent in the week up to 10 July, led by a strong performance by Kuwait.
Kuwait was the biggest gainer of the week, as the value of its schemes planned or under way grew by 5.7 per cent. The increase was due to a proposal by Kuwait Municipality and the Kuwait Institute for Scientific Research to build a $10bn 20GW renewable energy park west of Kuwait city. If the project goes ahead, it would be one of the largest solar energy facilities in the world.
|Project name||Project status|
|Kuwait||Iran-Kuwait gas pipeline||Revived|
|Kuwait||Renewable energy park||Study|
|Saudi Arabia||Pilgrim city in Medina||Design|
|UAE||Downtown Jebel Ali||On hold|
|For further information visit www.meed.com/meedprojects|
Kuwaits projects market also received a boost from the launch of phase one of the $2bn Al-Khiran independent water and power project. The country has enjoyed a strong year and is now the fastest-growing projects market in the Gulf region, with the value of its projects index up 23.1 per cent year-on-year.
Saudi Arabia, the regions largest projects market, rose by 1.1 per cent, driven by the Finance Ministrys plan to build a $10bn mixed-use development in Medina.
|Upcoming tender deadlines|
|Saudi Arabia||Health Ministry||King Khaled Medical City||18 Jun|
|Egypt||General Authority for New Urban Societies||Provision of public utilities for social housing project||25 Jun|
|Qatar||Public Works Authority (Ashghal)||Design, build and operation of Musaimeer pumping station||30-Jun|
|Oman||Regional Municipalities, Environment & Water Resources||Design, construction supervision of a flood protection scheme||08-Jul|
|Egypt||New & Renewable Energy Authority||Design, manufacture and construction of 120MW wind farm||20-Jul|
|For further information visit www.meed.com/tenders|
Qatar posted the biggest drop in the index, as the value of schemes planned or under way fell by 2.2 per cent. This was largely due to the cancellation of the local Barwa Real Estates $5.5bn Oryx Island project.
Outside the GCC, Irans projects market rose 1.6 per cent due to the revival of a $4bn project by the local Masjed-e Soleiman Petrochemical Company to set up a fertiliser firm near Ahwaz in the south of the country.
Iraqs projects index remained unchanged as a $611m upward revision in the budget of the Basra Investment Commissions Nakheel City scheme was offset by a $611m downward revision in the budget of the Construction & Housing Ministrys Iraq Housing Programme.