Qatar growth contributes to index rise

05 January 2012

New developments result in an increase of 1.3 per cent in the Qatari projects market

Contract awards

Biggest contract - $480m: Contract awarded to the local Al-Latifia Trading & Contracting Company to build the new Hilton hotel in Riyadh

$816.3m: Value of major contract awards

4: Number of contracts awarded

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Strong growth in Qatar’s projects market resulted in the Gulf Projects Index growing by 0.1 per cent to $2.6 trillion for the week up to 3 January.

Qatar’s projects market grew by 1.3 per cent as 17 new projects worth $3.2bn in total were added to its index. The biggest of these was the $1.9bn second phase of Qatar Petroleum’s Mesaieed housing project. The second-largest addition to its index was an accommodation scheme for Qatar University.

Oman was the only other GCC state to record significant growth, with its projects index growing by 0.4 per cent. The increase is attributable to the launch of eight new projects worth a total of $515m. The largest of these was an estimated $195m mixed-use development in Muscat for the Renaissance Group.Saudi Arabia, the region’s biggest projects market, and Bahrain remained flat as the GCC index recorded 0.1 per cent growth on the previous week.

Project updates 
 Project NameProject Status
KuwaitUnited TowerComplete
OmanRusayl TownshipDesign
QatarMesaieed Housing: phase 2Planned
Saudi ArabiaDiamond TowerConstruction
UAEAl-Badie General HospitalOn Hold
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The UAE and Kuwait were the only two Gulf countries to record a fall in the value of their projects markets, with drops of 0.2 per cent and 0.1 per cent respectively. The fall in the UAE index was a result of the completion of three projects and the removal of schemes worth $1.2bn that failed to reach construction stage.

Kuwait’s projects market fell in value to $176.7bn as the United Tower project in Kuwait City was completed and a $200m construction scheme was shelved.

Upcoming tender deadlines
 ClientContractSubmission date
Saudi ArabiaHealth MinistryKing Faisal specialist hospital14 January 2012
QatarQatar Foundation Southeast car park15 January 2012
OmanTransport & Communications MinistryBatinah expressway package 316 January 2012
UAEAl-Hilal BankHeadquarters building22 January 2012
UAEAbu Dhabi Health Services Company (Seha) Al-Ain hospital26 January 2012
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Outside the GCC, Iran’s projects market remained relatively flat, while Iraq’s projects index recorded growth of 0.1 per cent.

The total value of projects in Iraq rose to $363bn as a new $200m fertiliser project and a $245m university scheme were added to its index. Iraq remains the region’s fastest-growing projects market, recording 41.2 per cent year-on-year growth.

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