The Gulf Projects Index gained 0.6 per cent on the back of big expansions in Qatar and the UAE. All the other Gulf states saw slight contractions in the value of their projects markets, except Oman.
The UAE saw the biggest growth, 2.3 per cent, in its projects market, as Abu Dhabis $2bn Bab integrated facilities expansion continues its tender process. Overall, the UAE has had an excellent year, expanding by 16.2 per cent year-on-year. This has been driven by public spending and private real estate schemes, and there is no sign the UAEs projects market is being slowed by lower oil prices.
Qatars projects market grew by 2.1 per cent, on the back of preparations to host the 2022 Fifa World Cup. Meanwhile, Oman expanded by 0.7 per cent, with 134 new schemes worth a total of nearly $1.5bn added in the past week. However, this was tempered by the completion of several projects at Sohar port.
|Project name||Project status|
|Iran||Rudeshur power plant||Revived|
|Iraq||Manawi mall and business tower||Cancelled|
|Qatar||Doha Metro: phase 2||Study|
|Qatar||Pearl Qatar: Abraj Quartier: five towers||Revived|
|UAE||Saadiyat Island: Hidd al-Saadiyat||Execution|
|For further information visit www.meed.com/meedprojects|
The regions largest projects market, Saudi Arabia, had a quiet week. The main event was the completion of an Aluminium Project; new housing and infrastructure works worth a total of $340m could not pull the market back into growth.
Kuwaits projects market contracted 0.1 per cent as large schemes remained inactive due to regulatory changes.
|Upcoming tender deadlines|
|Kuwait||Kuwait Gulf Oil Company||Nuwaiseed port upgrade||Dec-14|
|Qatar||Supreme Committee for Delivery & Legacy||Al-Wakrah stadium||Dec-14|
|Qatar||Qatar General Electricity & Water Corporation (Kahramaa)||Ras Laffan independent water project||Jan-14|
|UAE||Dubai Electricity & Water Authority||Hassyan power plant||Jan-14|
|UAE||Dubai Electricity & Water Authority||Solar innovation centre||29-Jan|
|For further information visit www.meed.com/tenders|
Bahrains projects market fell by 0.7 per cent due to the completion of commercial real estate schemes.
Outside the GCC, Iraq lost another 0.7 per cent as the security situation shows no sign of resolution. Irans projects market also continued to fall, as the nuclear talks deadline was extended, meaning sanctions remain in place. The market has now lost 5.9 per cent of its value since talks began in November 2013.
$25.2bn Total value of projects on hold in Kuwait
16.2 per cent Year-on-year growth in UAE projects market
$1.5bn Total value of new projects in Oman