The $5.3bn of contracts awarded in Saudi Arabia failed to lift the value of deals let in the region in May, with other GCC states recording declines in award activity. A total of $9.5bn of agreements were signed in May compared with $10.4bn in April, although the value is not as low as that recorded in February ($3.6bn).
|May contract awards by country|
The kingdom awarded its highest value of deals this year, although it only let eight contracts, the biggest a $2.9bn deal awarded to a joint venture of Turkeys IC Ictas and the local Al-Rashid Trading & Contracting for the redevelopment of four existing terminals at King Khaled International airport in Riyadh. This contract was also the biggest awarded across the region in May.
The UAE let the second-biggest value of deals, at $2bn, a decrease on the $4.2bn it awarded in April. The largest award was a $460m contract let to the local Trojan General Contracting to build the first three precincts of the Yas Acres development in Abu Dhabi.
Kuwait awarded $979m of deals in May, although according to MEEDs projects database MEED Projects, the country did not sign a single deal in April. However, the May value is a huge decline from the $3.2bn of contracts Kuwait awarded in March.
Qatar let only $551m of deals, continuing a decline that started in March, when the country let $2.7bn of contracts. With about $261bn-worth of schemes planned or under way in the country, Qatar is the GCCs third-biggest projects market after Saudi Arabia and the UAE, according to MEED Projects. But the consequences of the crisis now under way between Qatar, Saudi Arabia, Bahrain, the UAE and Egypt are already giving cause for concern.
If the Qatar crisis is allowed to drag on for an extended period, it is likely to have a significant negative impact on both the Qatari and GCC economy. And few markets will be worse hit than Qatars projects sector, with the scale of the disruption increasing the longer the blockade continues.
|Contract awards on www.meedprojects.com|
|Country Name||Project||Industry||Contract Value ($m)|
|Saudi Arabia||Coca Cola – Bottling Plant in Sudair City||Industrial||12|
|Iran||Iranian Airports Holding Company – Mashhad International Airport Expansion||Transport||160|
|UAE||Adnoc Distribution- Aviation Fuel Depot at Bateen Executive Airport||Oil||125|
|Saudi Arabia||Emaar – KAEC – Industrial Valley : Infrastructure works : Phase 3 (Package 1B)||Transport||13|
|Jordan||ADC – Aqaba New Port Phase 2 : Grain Silos Terminal (Package 2)||Industrial||60|
|UAE||Dubai Hills Estate – Mohammed Bin Rashid City: Parkway Vistas||Construction||18|
|Kuwait||KOC-11kV Substation & Upgrading of Existing Substations in West Kuwait||Power||19|
|Oman||Muriya Tourism Development Company – Golf Lake Residences||Construction||64|
|Oman||Muscat Municipality – Internal Roads at Al Amirat||Transport||10|
|UAE||Abdulla Kamber Real Estate – Asiana Grand Hotel on Plot 1240932||Construction||28|
|UAE||Masdar / Beeah – 30 MW Waste to Energy Plant||Power||90|
|UAE||Overseas Real Estate – Residential Building at Al Sheria (Plot B/41)||Construction||12|
|UAE||Majid Al Futtaim – Mirdif City Centre : Vox Cinema Expansion||Construction||15|
|UAE||STTS Group – Dubai South: Aircraft Painting Facility: Phase 2||Transport||22|
|Oman||SEZAD – Duqm Refinery Service Corridor (19/2015)||Transport||20|
|UAE||Nakheel – Palm Jumeirah : Palm Gateway (Tender No. DMS 141324)||Construction||408|
|Iran||IAC – Esfahan Shahid Beheshti International Airport Expansion||Transport||160|
|UAE||FAM Holding – Al Aamra Tower||Construction||30|
|Saudi Arabia||SWCC – Water Transmission System from Shoaiba to Mina : Line B (SMWTS B)||Water||224|
|UAE||Emaar – Dubai South : Emaar South : Shallow Services & Internal Roads||Transport||40|
|Saudi Arabia||GACA – King Khalid International Airport Expansion: Terminals Upgrade||Transport||2,900|
|Lebanon||CDR – Al Hazmiah – Saoufar International Road Upgrade: Section 2||Transport||37|
|UAE||Aldar – Yas Island : North Yas : Yas Acres : 652 Villas||Construction||460|
|Saudi Arabia||Northern Border Municipality: Hotel at Airport Road||Construction||21|
|Qatar||Qatar Airways – Oryx International School||Construction||35|
|UAE||Private Developer – Jumeirah Village Circle : Central Park(Plot No.JVC17TCP018B)||Construction||30|
|UAE||Bloom Properties – Saadiyat Island: Soho Square||Construction||175|
|Qatar||ASGHAL – RIW in Various Areas of Greater Doha Phase – 4 (PWA/GTC/064/2016)||Transport||40|
|UAE||Private Developer – Residential Development in Al Safa 1 (Plot 353 -191)||Construction||56|
|Kuwait||MPW – Upgrading of Al Bidda Roundabout (Tender No. RA/222)||Transport||59|
|Kuwait||MPW – Linking Road Between Mina Abdulla City & Wafra (Tender no. RA/238)||Transport||280|
|UAE||Emaar – Dubai Creek Harbour : Vida Hotel||Construction||100|
|Kuwait||MEW – Extension of 132 kV XLPE Ground Cables at Various Areas Phase 4||Power||49|
|UAE||Emaar – Dubai Creek Harbour : Infrastructure Works||Transport||204|
|UAE||Dubai Hills Estate – Mohammed Bin Rashid City : Fairway Vistas||Construction||18|
|Kuwait||Mabanee – The Avenues: Phase 4 B||Construction||210|
|Lebanon||CDR – Upgrade of Tripoli-Homs Highway||Transport||120|
|UAE||Damac Properties – Akoya Oxygen : Vardon Cluster (Infrastructure Works)||Transport||11|
|UAE||Azizi Investments – Downtown Jebel Ali: Azizi Aura||Construction||32|
|Qatar||ASHGHAL – RIW in Northern Areas: Phase 2||Transport||45|
|Bahrain||Armacell – Foam Factory at BIIP||Industrial||10|
|Kuwait||MPW – Northern Regional Road from Al Mutlaa Future City To Future Crossroads||Transport||306|
|Qatar||Supreme Committee For Delivery And Legacy – Training Sites||Construction||140|
|Egypt||SECON – Al Riyadh Secon : Phase 2||Construction||14|
|UAE||Nakheel – 132/11kV Tulip State Substations (DMS 145578)||Power||23|
|Saudi Arabia||SWCC / Marafiq – Yanbu Power Plant: Phase 3||Power||2,000|
|Kuwait||MEW -132kV Ground Cables for Various Locations (Phase 6) (43/2014-2015)||Power||56|
|UAE||Wasl – Port Views : Residencial Development (Plot No. 3212127)||Construction||15|
|Saudi Arabia||Emaar – KAEC – Industrial Valley : Infrastructure works : Phase 3 (Package 1A)||Transport||22|
|Qatar||Barwa Real Estate Company – Baraha Motor City (Madinat Al Mawateer) : Phase 2||Construction||31|
|Saudi Arabia||Saudi Aramco – Rehabilitation & Maintenance of Pipelines||Oil||120|
|Qatar||RSG – Lusail Development: Langham Place||Construction||260|
|UAE||Bloom Properties – Brighton College & Dwight School (Plot No. 672-0434)||Construction||36|
|UAE||GASCO – Control System Upgrade for existing ASAB-1 Gas Processing Plants||Gas||75|
Read previous contract awards.
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