The Gulf Projects Index recorded a decline of 0.1 per cent in the week ending 9 December, led by losses in Kuwait and Iraq.
Small gains were seen in Oman, Bahrain and the UAE. The impact of lower oil prices, which are now well below $70 a barrel, could be starting to be felt as activity in the countries projects market reflects more strategic, cautious planning.
Oman was the only country whose projects market showed significant growth of more than $400m, or 0.7 per cent. The government continues to invest in utilities and transport infrastructure. About 64 new real estate schemes also contributed a total of $368m.
The value of Kuwaits projects market fell by 0.3 per cent as project delays drag on. This is despite the addition of 17 new real estate projects worth a total of $251m.
|Project name||Project status|
|Iraq||Development of Al-Kadhimiya holy shrine area||Revived|
|Oman||Al-Amerat wastewater project: Al-Hajer treatment plant||New project|
|Saudi Arabia||Nylon 6,6 and conversion project||Complete|
|UAE||Tilal City (Sharjah)||New project|
|For further information visit www.meed.com/meedprojects|
The UAEs projects market stabilised after recording significant losses last week, and gained 0.1 per cent. The real estate, healthcare and hospitality markets remain active in the country.
Saudi Arabia, the largest projects market in the region, flatlined due to delays on major schemes.
Qatars projects market fell 0.2 per cent due to stalled oil schemes, despite the award of several billion dollars-worth of transport and infrastructure deals.
|Upcoming tender deadlines|
|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||Jan-14|
|UAE||Dubai Electricity & Water Authority||Solar innovation centre||29-Jan|
|For further information visit www.meed.com/tenders|
Iran recorded a 0.1 per cent contraction as the $400m Qazvin-Rasht-Astara railway project was completed and no major schemes were announced. Clients and contractors are still waiting for sanctions to be lifted before investing in much-needed oil and infrastructure upgrades.
Iraqs projects market continued to suffer amid the takeover of significant areas of the country by the jihadist group Islamic State in Iraq and Syria, losing 0.7 per cent, mainly in the oil and gas sector.
$3bn Loss recorded by Iraqs projects market
$2.1bn Value of transport and infrastructure awards in Qatar
$368m Value of new real estate projects in Oman