Oman only country to record growth in value, while Iraq posts biggest decline
The Gulf Projects Index fell by 0.5 per cent in the week up to 20 May, with very low or zero week-on-week growth recorded in every market except for Oman.
In the GCC, the UAE recorded the biggest decrease, as the value of schemes planned or under way fell by 0.7 per cent to reach $725bn. The drop was mainly due to the completion of two expansion projects worth a total of $5.2bn at Abu Dhabi Oil Refining Companys Ruwais refinery.
The decline in the UAE was offset by the launch of six new schemes, the largest of which is a $300m project by Emirates National Oil Company to expand the joint industry fuel farm at Dubai International airport.
Qatars projects market posted a fall of 0.2 per cent largely due to the completion of two packages worth a total of $600m by Qatargas to recover gas from liquefied natural gas (LNG) tankers at Ras Laffan port and convert it back to LNG. Despite the decline, Qatars projects market has risen 12.9 per cent year-on-year to reach $276bn.
|Project name||Project status|
|Iran||Bandar Abbas-Rafsanjan pipeline||Main contract bid|
|Iran||Siraf Refining Town||Study|
|Iraq||West Qurna-2: Mishrif power and distribution unit extension||Complete|
|Oman||Oman University and Science & Technology City||Study|
|Qatar||Jetty boil-off gas recovery||Complete|
|For further information visit www.meed.com/meedprojects|
Saudi Arabia, the regions biggest projects market, slumped by 0.1 per cent, as six schemes worth a total of $1.4bn were put on hold or cancelled. The largest project to be cancelled was a $500m scheme by Sumou Real Estate Company that involved building 124 residential units in Dammam.
Oman was the only country to record growth, with the value of its schemes planned or under way rising 0.2 per cent due to the launch of a $250m project to build a university next to the Science & Technology City in Barka.
|Upcoming tender deadlines|
|UAE||Tourism Development & Investment Company||Guggenheim Museum||5 Jun|
|Saudi Arabia||Health Ministry||King Khaled Medical City||18 Jun|
|Egypt||General Authority for New Urban Societies||Provision of public utilities for social housing project||25 Jun|
|Qatar||Public Works Authority (Ashghal)||Design, build and operation of Musaimeer pumping station||30 Jun|
|Egypt||New & Renewable Energy Authority||Design, manufacture and construction of 120MW wind farm||20 Jul|
|For further information visit www.meed.com/tenders|
Outside the GCC region, Iraqs project market slumped 1.3 per cent as the budgets of two oil schemes and a transportation project were reduced by a total of nearly $6bn.