Saudi Arabia records sole decline in regional projects market
The Gulf Projects Index rose by 0.2 per cent in the week ending 22 May, lifted by expansions in Qatar and Kuwait, while other countries showed little movement.
Qatar recorded the largest change in its projects market, with a 1.7 per cent, or $5.2bn, increase. This was due to some progress on the $5bn Sharq Crossing scheme, as well as smaller infrastructure and real estate projects.
|Project name||Project status|
|Iraq||Middle Euphrates International airport||Revived|
|Saudi Arabia||Al-Mashaaer Monorail: North line||On hold|
|Saudi Arabia||ITCC: Wahat al-Aamal mixed-use development||Complete|
|Saudi Arabia||Shams al-Riyadh mixed-use development||On hold|
|For further information visit www.meedprojects.com/home|
Kuwaits projects market rose by 1.4 per cent, or $3.3bn. This was due to tenders being issued for a 100-square-kilometre housing programme and a construction contract for the $6bn expansion of Kuwait International airport. The revival of several projects in its $22bn public-private partnership programme promises a more active future for Kuwait.
Saudi Arabia, on the other hand, was the only projects market to contract, falling by 0.4 per cent. Several infrastructure schemes were put on hold, while some real estate developments were completed.
Oman saw a 0.3 per cent rise in the value of its projects market, with its $15bn rail scheme moving ahead. Several new projects in Duqm, including a sebacic acid plant and the $500m Duqm Beach Resort, also boosted the market.
|Upcoming tender deadlines|
|UAE||Aldar Properties||Residential villas: Zone K||07-Jun|
|UAE||Investment Corporation of Dubai||Atlantis Resort||21-Jun|
|Saudi Arabia||Metro Jeddah Company||Obhur Bridge||26-Jul|
|Oman||Oman Power & Water Procurement Company||Sohar 3/Ibri independent power project (IPP)||02-Aug|
|Saudi Arabia||Saudi Electricity Company/Saudi Aramco||Fadhili IPP||31-Aug|
|For further information visit www.meed.com/news/tenders|
The UAE saw its market grow by just 0.1 per cent. Although it added several real estate and infrastructure schemes, and Expo 2020 plans are taking shape with bids in for the $1bn infrastructure package, they barely compensated for the value of completed projects. Real estate investors are also starting to grow concerned about supply and demand balances.
Iraq recorded a 0.3 per cent rise, despite the fall of the Ramadi province to the jihadist group Islamic State in Iraq and Syria. The government is reviving schemes in the areas it still controls.
$5.2bn Growth in Qatars projects market
$7.4bn Investment required for Dubai Expo 2020
20.8% Year-on-year contraction in Iraqs projects market
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