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 $275.7bn, pushed on chiefly because of Saudi Arabias Riyadh Metro, contracts for which were awarded in July. The index tracks the contract value of the biggest 100 projects under way in the region.
| Value of Middle East Top 100 Projects under way, by quarter | |
|---|---|
| Quarter | Value ($m) |
| Third quarter 2013 | 275,722 |
| Second quarter 2013 | 262,705 |
| First quarter 2013 | 271,693 |
| Fourth quarter 2012 | 274,993 |
| 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 (($7.8bn) in positions three and five respectively.
| Q3 Rank | Project | Country | Sector | Contract Value ($m) |
|---|---|---|---|---|
| 1 | Riyadh Light Rail Transit (Riyadh Metro): Lines 1 & 2 | Saudi Arabia | Transport | 9,450 |
| 2 | South Pars Gas Field Development: Phases 19 to 21 | Iran | Gas | 9,000 |
| 3 | Haramain High-Speed Rail Network: Phase 2 | Saudi Arabia | Transport | 8,216 |
| 4 | Housing Complex in Basmaya | Iraq | Construction | 8,000 |
| 5 | Riyadh Light Rail Transit (Riyadh Metro): Lines 4, 5 & 6 | Saudi Arabia | Transport | 7,820 |
| 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.
Click here for the full MEED Middle East Top 100 Projects report, data tables and interactive dashboards
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