MEED Top 100 Projects index hits year high

24 October 2013

Value of index up 5 per cent, pushed on mainly by metro awards

The value of the MEED Top 100 Middle East Projects index rose 5 per cent in the third quarter, compared with the second quarter, its highest point for a year.

It is now at $275.7bn, pushed on chiefly because of Saudi Arabia’s Riyadh Metro, contracts for which were awarded in July. The index tracks the contract value of the biggest 100 projects under way in the region.

Value of Middle East Top 100 Projects under way, by quarter
QuarterValue ($m)
Third quarter 2013275,722
Second quarter 2013262,705
First quarter 2013271,693
Fourth quarter 2012274,993
Source: MEED

Lines 1 and 2 of the Riyadh Metro is now the biggest project by contract award value under way in the Middle East, worth $9.45bn. Three of the top five projects are rail, with Haramain High-Speed Rail Network phase 2 ($8.2bn) and Lines 4, 5, and 6 of Riyadh Metro (($7.8bn) in positions three and five respectively.

Q3 RankProjectCountrySectorContract Value ($m)
1Riyadh Light Rail Transit (Riyadh Metro): Lines 1 & 2Saudi ArabiaTransport9,450
2South Pars Gas Field Development: Phases 19 to 21IranGas9,000
3Haramain High-Speed Rail Network: Phase 2Saudi ArabiaTransport8,216
4Housing Complex in BasmayaIraqConstruction8,000
5Riyadh Light Rail Transit (Riyadh Metro): Lines 4, 5 & 6Saudi ArabiaTransport7,820
Sources: MEED Projects; MEED. Data compiled 3 October 2013

Transport is the biggest sector in the Top 100, at almost $82bn, with about two-thirds of that figure due to rail projects ($52bn).

Saudi Arabia continues to be the biggest country in the Top 100 ranking, with $101bn-worth of contracts. It is followed by Iran ($67.5bn) and the UAE ($37bn). The value of projects in the Top 100 in the kingdom rose by 35 per cent over the second quarter, with transport being the number one sector by value, worth $46bn.

With more construction projects being announced, MEED expects to see the value of construction projects appearing in the Top 100 rise over the coming 12 months, particularly in Dubai. In the third quarter, they were worth $55bn.

MEED expects to see the value of the index continue to rise in 2014. By the end of the first quarter of 2014, about $100bn-worth of contracts valued at $1.5bn or higher are expected to have been awarded, pushing the index above $300bn for the first time.

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