The Gulf Projects Index nudged up by 0.1 per cent in the week ending 13 February, largely due to strong growth in Oman and small gains in the UAE and Qatar.
The announcement of two independent water schemes was a significant factor in the 2.4 per cent expansion in Omans projects market. With a combined capacity of 531,000 cubic metres a day, the plants will cover the sultanates growing water needs as peak demand increases by 6 per cent a year. Real estate and infrastructure developments also helped to propel Omans market to its highest ever value, at $158bn.
The UAE recorded the next largest index gain of 0.3 per cent, as the Expo 2020 plans continue to drive its real estate market. Awards worth a total of $901m for gas projects and $500m for oil schemes in Abu Dhabi have kept the mood positive, as the UAE projects market reaches its highest level since 2010, at $829bn.
|Project name||Project status|
|Iraq||Oil Tech University in Basra||On hold|
|Kuwait||Kuwait airport expansion: new terminal building||Prequalification|
|Oman||South Al-Batinah logistics area||Study|
|Saudi Arabia||Knowledge Economic City in Medina||Execution|
|UAE||Dubai World Central: logistics city||Execution|
|For further information visit www.meed.com/meedprojects|
Kuwait recorded the largest fall in value, a drop of 0.4 per cent, as project delays continue. Bids for the airport expansion are expected to be rejected, leading to predictions the budget for the $6bn scheme will be revised down.
The regions largest projects market, Saudi Arabia, remained flat, with a contraction of 0.1 per cent. Investment in power transmission schemes, the development of Jizan Industrial City and the governments commitment to maintain public spending buoyed the market.
|Upcoming tender deadlines|
|Qatar||Qatar General Electricity & Water Corporation (Kahramaa)||Ras Laffan independent water project||23-Feb|
|UAE||Abu Dhabi Company for Onshore Petroleum Operations (Adco)||Bab Integrated Facilities expansion||02-Mar|
|Oman||Public Authority for Water & Electricity||Wadi Dayqah treatment plant||16-Mar|
|UAE||Dubai Electricity & Water Authority||Hassyan power plant||26-Mar|
|For further information visit www.meed.com/tenders|
In Iraq, oil and gas projects, including the $10bn Missan field development, are going ahead despite the news that the jihadist group Islamic State in Iraq and Syria has gained territory. These schemes have slowed the contraction in the countrys projects market to 0.1 per cent.
2.4% Increase in value of Oman projects market
$1.4bn Value of oil and gas contract awards in Abu Dhabi
$829bn Value of UAE projects market