A solid performance by Saudi Arabia and Qatar contributed to the Gulf Projects Index rising by 0.1 per cent to $3.2 trillion in the week up to 22 April.

Saudi Arabia, the largest projects market in the region, saw the strongest growth, as the value of schemes planned or under way increased by 0.5 per cent. Eight new projects were launched in the kingdom, the largest of which was the $4bn Prince Sultan Cultural Centre in Jeddah. Designs are currently under development for the project, which will have a medical complex, hotels, an open-air theatre and a conference centre.

Saudi Arabia’s projects sector has risen 18.9 per cent year-on-year, making it the fastest-growing country in the index.

Qatar’s projects market saw the second-largest growth, as the value of schemes planned or under way rose by 0.4 per cent. The increase was mainly due to the addition of the $1.3bn Wakrah residential project, which involves the construction of 11,000 housing units in Doha. 

Project updates
  Project name Project status
Iran Lordegan urea/ammonia plant Revived
Iraq Mansuriya power plant Complete
Kuwait Mina al-Ahmadi refinery: gas fractionation train 4 Complete
Saudi Arabia Prince Sultan Cultural Centre Design
UAE Al-Habtoor City Execution
For further information visit www.meed.com/meedprojects

Kuwait’s projects market saw the biggest drop in the GCC, falling 0.4 per cent as Kuwait National Petroleum Company completed a $900m scheme to build a fourth gas and condensate train at the Mina al-Ahmadi refinery.

Outside the GCC, Iraq’s projects sector declined 0.4 per cent, as the Electricity Ministry completed a $450m gas-fired power plant at Mansuriya in the governorate of Diyala. The value of the country’s projects sector was further reduced by the cancellation of the $1.9bn Habbaniyah New City scheme being built by the Anbar Investment Commission.

Upcoming tender deadlines
  Client Contract Submission date
Tunisia Office National de l’Assainissement Wastewater treatment plant works 29 Apr
Saudi Arabia Finance Ministry Governmental Authorities Complex infrastructure 4 May
UAE Tourism Development & Investment Company Guggenheim Museum 8 May
Kuwait Kuwait Oil Company Provision of masterplan for installation services 18 May
Egypt New & Renewable Energy Authority Design, manufacture and construction of 120MW wind farm 20 Jul
For further information visit www.meed.com/tenders

Iran’s market reversed several weeks of declines by posting an increase of 0.3 per cent. The growth was due to the revival of a $600m project to build the Lordegan fertiliser chemicals complex in the southwest of the country.

Contract awards

Biggest contract Awarded to France’s Alstom by Iraq’s Electricity Ministry to provide turbines and associated equipment for a major new power plant

$398m Value of major contract awards

5 Number of contracts awarded

For further information visit www.meed.com/contracts