Iran leads slump in region, with Bahrain and Iraq only countries to record gains
Iran saw the biggest decline in its projects market in the week ending 2 April.
The Islamic Republic saw $1.7bn wiped off the value of its market over the week, a decline of 0.9 per cent. This left Irans projects market down by 16.2 per cent year on year.
The talks between Tehran and the P5+1 group of world powers, which includes the five permanent members of the UN Security Council as well as Germany, ended late on 2 April with an agreement to limit Irans nuclear programme in exchange for relief from economic sanctions.
The framework deal paves the way for a final agreement to be brokered by 30 June. If sanctions are lifted as planned, many foreign companies will gain access to the Islamic Republics projects market for the first time in decades.
|Project name||Project status|
|Kuwait||West Abdullah al-Mubarak Township: infrastructure||Main contract bid|
|Oman||Duqm Frontier Town: phase 2A||On hold|
|Oman||Majarat Oman (Galaxy Theme Park)||Design|
|Qatar||New schools around Doha and in villages: package 7A||Complete|
|Saudi Arabia||King Abdullah Sports City: multi-purpose facilities||Complete|
|For further information visit www.meed.com/meedprojects|
Sanctions currently restrict a broad range of sectors including banking, shipping and energy. Analysts say their successful removal over coming years is likely to create a surge in trade with an accompanying economic boom and increase in project activity.
Elsewhere in the Gulf, there were declines for six out of the eight countries tracked by the index, with Bahrain and Iraq the only two countries to see gains.
|Upcoming tender deadlines|
|Oman||Rural Areas Electricity Company (Raeco)||Harweel wind farm||12-Apr|
|UAE||Emaar Properties||Boulevard Point||20-Apr|
|UAE||Nakheel||Nad al-Sheba Mosque||26-Apr|
|UAE||Dubai Electricity & Water Authority (Dewa)||Hassyan coal plant||30-Apr|
|Qatar||Qatar General Electricity & Water Corporation (Kahramaa)||Ras Laffan independent water project||10-May|
|For further information visit www.meed.com/tenders|
Each saw a modest expansion of 0.1 per cent, while the GCC projects market decreased by 0.2 per cent as a whole.
Saudi Arabia, the indexs biggest projects market, saw a decline of 0.2 per cent, as two schemes were cancelled, worth a total of $305m, and three projects were completed, worth a total of $290m.
Qatar recorded a slump of 0.4 per cent, with $1.1bn wiped off its projects market.
$1.7bn Decline in Irans projects market
$2bn Slump in Saudi Arabias projects market
$1.1bn Decrease in Qatars projects market
For further information visit www.meed.com/contracts
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