The GCC projects market remained flat in the week to 19 February, posting no growth and no decline. The GCC, however, was down by 1.9 per cent year-on-year due to $2.8bn being removed from the index.
Oman was the only market to post significant growth week-on-week with a 1.4 per cent increase, spurred on by two new projects: the second phase of the Khazzan & Makarem fields development; and the tourism facade project at Marina Duqm. The Omani projects market is now valued at $169bn.
|Projects planned or under way 19 February 2016|
|Country||19-Feb-16||12-Feb-16||% change on week||20-Feb-15||% change on year|
|For further information visit www.meed.com/projects/gulf-projects-index|
The Kuwait projects market was down 0.03 per cent when compared with last week, but on a yearly basisi has grown by 17.6 per cent.
|Project updates this week|
|Kuwait||Substation at Mina Al Ahmadi Refinery||Complete|
|Oman||Khazzan and Makarem fields development: phase 2||New project|
|Oman||Tourism facade project||New project|
|UAE||Tameer Towers: Shams Abu Dhabi Al Reem Island)||On hold|
|For further information visit http://www.meedprojects.com/home|
Saudi Arabia continues to have the largest projects market at $1 trillion, with the UAE a close second with $852bn in projects under way. The Saudi market is $1.5bn down when compared with the previous week.