A static week as gains made in Kuwait, the UAE and Iraq are offset by decline in Iran
The Gulf Projects Index remained unchanged at $3.2 trillion in the week up to 18 March, as gains in the UAE and Iraq were offset by a significant decline in Iran.
The UAE saw the biggest rise in the GCC, as the value of schemes planned or under way increased 0.2 per cent. A total of 40 new projects were launched, worth a combined $4.4bn.
The largest of the new schemes is Abu Dhabi Water & Electricity Authoritys $1.2bn plan to develop the Mirfa independent water and power project. The new schemes were offset by an overall reduction of $2.6bn in the budgets of 21 projects.
Kuwait posted the second-biggest rise in the GCC, with the value of schemes planned or under way growing 0.1 per cent as two new projects worth a total of $252m were launched.
|Project name||Project status|
|Bahrain||Addur 3 water plant||Study|
|Bahrain||Addur 3 power plant||Study|
|Qatar||Jetty Boil Off Gas Recovery: off-plot package||Complete|
|Saudi Arabia||King Abdullah Sports City in Jeddah: stadium||Complete|
|UAE||Mirfa IWPP: power plant package||Main contract bid|
|For further information visit www.meed.com/meedprojects|
Qatar, which dipped 0.1 per cent, was the only country in the GCC to see a fall in its index. Its decline was due to the completion of two schemes and a reduction in the budget of three other projects.
Saudi Arabia, the regions largest projects market, ended the week unchanged as the launch of seven new schemes worth a total of $913m was offset by two projects being put on hold and the completion of state-owned oil firm Saudi Aramcos $552m football stadium in King Abdullah Sports City.
|Upcoming tender deadlines|
|Kuwait||Higher Council for Planning & Development||Operation and maintenance of government building||1 Apr|
|Egypt||Construction Authority for Potable Water & Wastewater||Operation and management of wastewater treatment plant||2 Apr|
|Saudi Arabia||Royal Commission for Jubail & Yanbu||City centre development||8 Apr|
|Lebanon||Council for Development & Reconstruction||Restoration works at Saida and Baalbek||15 Apr|
|Kuwait||Public Works Ministry||Kuwait airport terminal||24 Apr|
|For further information visit www.meed.com/tenders|
Outside the GCC, Iran had the biggest drop in the index, as the value of schemes planned or under way fell by 1 per cent. Iran is now the worst-performing market in the region, as the value of its index has declined 13.3 per cent over the past year.
Iraq continued its strong performance as its projects market increased 0.2 per cent. It remains the fastest-growing market in the region, up 58.7 per cent year-on-year.
Biggest contract $166m
Awarded to the local National Contracting Company by Saudi Electricity Company to install overhead transmission lines in Saudi Arabias Eastern Province
$404m Value of major contract awards
3 Number of contracts awarded
For further information visit www.meed.com/contracts
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