The value of projects planned or under way in Saudi Arabia rose 1.4 per cent in the week ending 24 July, driving a 0.7 per cent expansion in the Gulf Projects Index.

The growth came from the addition to the MEED Projects database of several major schemes, such as the $700m Jeddah Bus Rapid Transit project, the King Abdullah Road scheme and work at the Ras Tanura refinery.

In numbers this week

7 New projects announced in Saudi Arabia

2 Cancelled projects in the UAE

5 Projects on hold across all markets covered in the Gulf Projects Index

Iran’s projects market also saw growth this week, expanding 1.9 per cent. The gain follows continued optimism in the market after Tehran announced it had reached an agreement on 14 July with world powers over its nuclear programme. The index was boosted by the revival of a $3bn aluminium smelter complex planned by India’s National Aluminium Company.

Bahrain’s projects market remained unchanged due to the completion of several real estate developments coupled with the fact that no new major projects were announced.

Project updates this week
  Project name Project status
Iran Iran aluminium smelter complex Revived
Oman Auris Hotel On hold
Qatar Hamad Port Budget change
Saudi Arabia Jeddah Public Transportation Programme New project
UAE Dubai Healthcare City: Azizi Hotel Inactive
For further information visit www.meedprojects.com/home

For the UAE, the revival of several private real estate schemes has meant its projects market improved slightly, following a 0.1 per cent contraction last week.

Kuwait’s projects market stayed flat following a 0.3 per cent expansion the previous week, despite the announcement of a $200m housing scheme for 10,000 hotel staff. That project was offset by the completion of a $140m substation.

Upcoming tender deadlines
  Client Contract Submission date
UAE Emaar Properties Creek Harbour Towers 17-Aug
UAE Modern Elegance The Scene Tower by Paramount 23-Aug
Saudi Arabia Saudi Electricity Company/Saudi Aramco Fadhili independent power project 31-Aug
Saudi Arabia Metro Jeddah Company Obhur Bridge 10-Sep
UAE Roads & Transport Authority Route 2020 metro extension 06-Dec
For further information visit www.meed.com/news/tenders

Qatar’s projects market was also broadly static, in spite of a number of schemes being announced, including a $1bn logistics hub in the Al-Wakrah area and major road projects totalling almost $500m.

Overall the Gulf index witnessed a 0.7 per cent increase, which is being fuelled by Iran’s resurgence and Saudi Arabia’s post-Ramadan pick-up.

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