Oman records strongest growth

23 September 2010

Market up for second week as key decision-makers return from summer break

Contract awards September 2010

Biggest contract: $430m

Contract awarded to local/Lebanese Arabian Construction Company and South Korea’s Posco Engineering & Construction Company for Liwa water storage

$685m: Value of major contract awards

6: Number of contracts awarded

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The Gulf projects market has grown for the second successive week as decision-makers across the region return from their summer vacations and move ahead with new projects.

MEED’s latest Gulf Projects Index shows that on 21 September the total value of major projects planned or under way in the Gulf stood at $2.937 trillion. The figure is 0.17 per cent higher than the previous week’s figure of $2.932 trillion.

The GCC market, which accounts for more than three quarters of the Gulf’s projects market, grew by 0.22 per cent to $2.297 trillion from $2.292 trillion on 15 September. The Oman market grew the fastest with a 4.18 per cent increase. The biggest new project it launched was an estimated $4bn deep-water gas pipeline.

Upcoming tender deadlines
 ClientContractSubmission Date
QatarQatar Foundation for Education, Science and Social Development College of Media and Communications3-Oct
Kuwait Kuwait Oil CompanyAhmadi Hospital12-Oct
OmanOman Power & Water CompanySur independent power plant18-Oct
Saudi ArabiaSaudi AramcoShaybah co-generation plant 22-Nov
UAECentre of Waste Management - Abu DhabiIntegrated waste management project23-Dec
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The UAE grew by 0.38 per cent, with three new projects joining the index. The biggest was in the industrial sector where Advanced Technology Investment Company launched a $6bn microchip factory in Abu Dhabi.

Growth in the UAE was tempered by projects being completed, such as Mubadala Development Company’s $403m Sorbonne university campus.

The Bahrain, Qatar and Saudi markets saw negative growth as the positive impact of the newly announced schemes were cancelled out by completed projects.

The worst performing country was Bahrain, its project market fell by 0.72 per cent.

Compared to 2009, the Gulf index is now up by 14.26 per cent. The GCC is also in positive territory, with a 8.09 per cent increase on 2009, indicating that despite the global economic slowdown the projects markets continues to grow. Outside the GCC, Iraq remains the region’s fastest growing market.

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