Bahrain records 5.5 per cent fall but GCC markets gain slightly
In numbers this week
$19.9bn rise in value of Saudi Arabias projects market
$12bn amount GCC countries will invest in Egypt
$2.4bn value of Qatar potable water projects awarded in March
The Gulf Projects Index recorded a 0.7 per cent rise between 3 and 13 March 2015, driven by Saudi Arabias 1.7 per cent expansion.
Other GCC markets followed suit, with the exception of Bahrain, which fell 5.5 per cent, and the UAE, which remained broadly unchanged.
Saudi Arabia, the regions largest projects market, added $19.9bn to recover to almost $1.2 trillion, as the kingdom pushes ahead with industrial and gas schemes.
| Project updates this week | ||
|---|---|---|
| Project name | Project status | |
| Iran | South Pars gas field development: phase 12: offshore | Complete |
| Iraq | Maysan gas-fired power plant | New project |
| Qatar | Ras Abu Fontas A3 desalination plant | New project |
| Saudi Arabia | Al-Ruwais regeneration in Jeddah | Revived |
| Saudi Arabia | Ras al-Khair desalination plant: phase 2 | New project |
| For further information visit www.meed.com/meedprojects | ||
The Saline Water Desalination Company outlined its long-term expansion plans, with more than 7 million cubic metres a day of new capacity to be built before 2030. MEED Projects estimates these projects are worth more than $4bn.
The rest of the increase was due to continued investment in Saudi Arabias infrastructure, leaving its projects market 11 per cent up year-on-year.
Omans rise of 0.9 per cent, the second largest increase on the index, was due to progress on its flood-prevention schemes and other vital infrastructure projects.
Low oil prices continue to hamper Bahrains projects market, forcing the cash-strapped country to delay important schemes. Its projects market fell $3.5bn in value, a drop of 5.5 per cent. However, the Bahraini projects market remains 9 per cent up year-on-year.
| Upcoming tender deadlines | |||
|---|---|---|---|
| Client | Contract | Submission date | |
| Oman | Oman Power & Water Procurement Company | Barka IWP | 24-Mar |
| UAE | Dubai Electricity & Water Authority | Hassyan power plant | 26-Mar |
| UAE | Nakheel | Al-Furjan community centre | 05-Apr |
| Oman | Raeco | Harweel wind farm | 12-Apr |
| Qatar | Qatar General Electricity & Water Corporation (Kahramaa) | Ras Laffan independent water project | 10-May |
| For further information visit www.meed.com/tenders | |||
Qatars projects market increased 0.4 per cent, following the award of water projects worth $2.4bn, including water mega-reservoirs and the A3 desalination plant at Ras Abu Fontas. Progress on infrastructure schemes, such as Qatars Public Works Authoritys (Ashghal) expressway programme, suggests Qatar is following through on its strategy of focusing on investments vital for the World Cup in 2022.
Kuwait also recorded a 0.2 per cent rise in the value of its projects market, thanks to activity on its real estate market, with a $700m development announced at Al-Khiran.
Iraqs project markets fell by 0.3 per cent as efforts and funds focus on the military campaign against the Islamic State in Iraq and Syria (Isis).
Meanwhile, Iran lost 0.6 per cent from the value of its projects market, reaching a new low of $188bn, its lowest level since 2008.
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