Market cools in latest top 100 contract awards

04 November 2014

Value of top 100 flat despite new entrants to the index

Top 100 contract awards Q3 2014

The top 100 contract awards index was broadly flat in the third quarter, down 0.1 per cent to $281,458m.

The value of the index has dipped for the last two quarters, but has remained above 2013 levels.

While there was little movement in the index value compared with the second quarter, it did have six projects enter the top 100, across a range of sectors. Highest of those was the $2.9bn contract award for the terminals upgrade for King Khalid International airport in Saudi Arabia, followed by phase 2 of the Lusail light rail project in Qatar ($2.7bn).

Also entering the index was the first award in Dubai’s Mohammed bin Rashid (MBR) City megaproject development. The $1.7bn award was for the mixed-use Sobha Hartland, with the main contract going to India’s Sobha. MBR City itself will be built across a number of districts over the coming decade. The next phases expected to be awarded include the $300m Dubai Creek Residences and Meydan Sobha phase 1 ($100m) and phase 2 ($60m). All are due to be awarded before the end of 2014.

By country, Saudi Arabia continues to dominate, with $101bn-worth of awards in the top 100, and transport is again the most valuable sector, at just under $91bn. Upcoming contracts in Saudi Arabia close to being awarded include hotels in the Ministry of Finance’s mixed-use development in Medina, the Ministry of Health’s King Abdullah Medical City in Mecca (both this year), and lines B and C of the Mecca Metro in the first quarter of 2015.

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