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
Bahrain 73,005 72,964 0.1 65,264 11.8
Kuwait 255,258 255,342 0.0 217,058 17.6
Oman 169,282 167,001 1.4 158,656 5.3
Qatar 283,472 283,696 -0.1 281,711 0.7
Saudi Arabia 1,012,644 1,014,177 -0.2 1,171,424 -13.4
UAE 852,738 853,307 -0.1 803,964 6.1
GCC 2,646,399 2,646,487 0.0 2,698,077 -1.9
Iran 263,341 262,901 0.2 189,725 38.6
Iraq 357,918 358,008 0.0 413,511 -13.4
Gulf Total 3,267,658 3,267,396 0.0 3,301,313 -1.0
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
Country Project name Status
Kuwait Substation at Mina Al Ahmadi Refinery Complete
Oman Khazzan and Makarem fields development: phase 2 New project
Oman Tourism facade project New project
Qatar Aspire Mall Cancelled
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.