Oman projects market the best performer but Gulf total remains flat
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.
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