Irans projects market begins long climb after striking nuclear deal
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
Irans 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 Indias National Aluminium Company.
Bahrains 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.
Kuwaits 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|
|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|
Qatars 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 Irans resurgence and Saudi Arabias post-Ramadan pick-up.