Projects index dips as market slows

22 May 2014

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 Company’s 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.

Qatar’s 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, Qatar’s projects market has risen 12.9 per cent year-on-year to reach $276bn.

Project updates
 Project nameProject status
IranBandar Abbas-Rafsanjan pipelineMain contract bid
IranSiraf Refining TownStudy
IraqWest Qurna-2: Mishrif power and distribution unit extensionComplete
OmanOman University and Science & Technology CityStudy
QatarJetty boil-off gas recoveryComplete
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Saudi Arabia, the region’s 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
 ClientContractSubmission date
UAETourism Development & Investment CompanyGuggenheim Museum5 Jun
Saudi ArabiaHealth MinistryKing Khaled Medical City18 Jun
EgyptGeneral Authority for New Urban SocietiesProvision of public utilities for social housing project25 Jun
QatarPublic Works Authority (Ashghal)Design, build and operation of Musaimeer pumping station30 Jun
EgyptNew & Renewable Energy AuthorityDesign, manufacture and construction of 120MW wind farm20 Jul
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Outside the GCC region, Iraq’s 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.

Contract awards

Biggest contract $976m

Awarded to the UK’s Petrofac to build a gas processing plant at the North Reggane project in southwestern Algeria

$2.6bn Value of major contract awards

5 Number of contracts awarded

For further information visit

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