Index records first increase in three weeks as GCC projects market achieves positive growth
Contract awards 3 November 2010
Awarded to Bayan National Trading Company for water storage tanks in Kuwait
$384m: Value of major contract awards
4: Number of contracts awarded
For further information visit www.meed.com/contracts
The total value of major projects planned or under way in the Gulf on 3 November reached $2.93 trillion, an increase of 0.1 per cent on the previous week’s total, according to the latest Gulf Projects Index. This is the first increase in three weeks, with the total value of projects having fallen in the previous two weeks.
|Upcoming tender deadlines|
|UAE||Tourism Development & Investment Company||Louvre museum||14-Nov|
|Saudi Arabia||Saudi Aramco||Shaybah co-generation plant||22-Nov|
|Oman||The Wave||Kempinski Hotel||1-Dec|
|Saudi Arabia||SWCC and Marafiq||Yanbu power and water desalination plant||11-Dec|
|UAE||Centre of Waste Management – Abu Dhabi||Integrated waste management project||23-Dec|
|For further information visit www.meed.com/tenders|
The main reason for the increase is a rise in the value of projects planned or under way in the GCC market, which accounts for about 78 per cent of the Gulf projects market. For the week up to 3 November, the GCC witnessed a climb of 0.2 per cent.
Oman recorded the region’s biggest gain from the previous week, with a 3.7 per cent rise. The increase can be attributed to the announcement of two new projects, the $2.4bn Sohar Aluminum smelter expansion and the $1bn Duqm independent power project (IPP).
|Project updates 3 November 2010|
|Project Name||Project Status|
|Oman||Sohar Purified Terephthalic Acid (PTA) Plant||Study|
|Iran||Iran to Pakistan Gas Pipeline||Study|
|Bahrain||LNG Import Terminal||EPC Bid|
|Qatar||Logistics City||EPC Bid|
|Oman||Darsait Sewage Treatment Plant||Execution|
|For further information visit www.meed.com/meedprojects|
Qatar, the UAE and Kuwait also witnessed a rise in the value of projects planned or under way. Progress on the upcoming $3bn Ras Laffan independent water and power project (IWPP) expansion helped Qatar record a 0.4 per cent rise, despite having $736m-worth of real-estate projects put on hold.
In the UAE, the $250m petroleum storage facility by Concord Energy and Abu Dhabi Department of Transport’s automated car parks schemes contributed to its rise.
Outside the GCC, Iran recorded a 0.1 per cent decrease, while Iraq’s project market recorded no change. The overall projects index is still positive when compared with the previous year, with the Gulf achieving an 8.7 per cent year-on-year increase.
Iraq maintains its position as the region’s fastest growing market, recording a 121.7 per cent year-on-year increase.
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