The value of the Gulf projects market has remained unchanged in the first week of October, with the total value of projects planned or under way in the region totalling $2.94 trillion on 6 October.

The Bahrain market saw the biggest change in the week, falling by 3.7 per cent to $75.6bn from $78.5bn. The drop was caused by Global Real Estate Development Company’s (Gredco) decision to put on hold the $2.5bn Marsa al-Seef Development.

Regionally, however, the contraction in Bahrain was balanced by minor gains in the larger markets of Oman, Kuwait and Saudi Arabia. Oman grew the most, rising by 0.8 per cent. New projects, including the Public Authority for Electricity & Water’s (PAEW) $60m Sinaw Water Distribution Network and Muscat Electricity Distribution Company’s substations project, took the value of projects planned or under way in the sultanate to $101bn.

Kuwait and Saudi Arabia both saw growth of 0.1 per cent. The expansion was driven by upcoming projects. In Saudi Arabia, the Saudi Binladin Group won a $1.33bn contract to build villas in the Eastern Province, while in Kuwait the Electricity & Water Ministry is planning a new $250m 400/132kV transformer station at Abu Fateera.

Outside the GCC, Iraq continues to grow fuelled this week by the upcoming $500m Basra crude oil export terminal expansion by Shell and South Oil Company (SOC). That project helped to drive the market up by 0.2 per cent. Iran’s project market remains static.

The index is still in positive territory compared with last year. It is now 13.8 per cent up on early October 2009, with Iraq performing the best with annual growth of 127 per cent.

www.meed.com/gulfprojectsindex