Contract awards 2 February 2011

Biggest contract: $1bn

Estimated value of contracts awarded for building rail stations in Saudi Arabia

$2bn: Value of major contract awards

2: Number of contracts awarded

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The total value of major projects planned or under way in the Gulf fell marginally in the last week of January, as a series of projects were completed.

The Gulf Projects Index remained just below $2.6 trillion for the week up until 2 February. The GCC projects market, which accounts for about 74 per cent of the Gulf projects market, remained steady at $1.9 trillion.

Project updates this week
  Project Name Project Status
Saudi Arabia Yanbu Refinery Expansion Design
Qatar Jetty Boil Off Gas Recovery Tender
Saudi Arabia Arabiyah-Hasbah: Sulphur Recovery Unit Construction
UAE Capital City District: Infrastructure Works Design
Saudi Arabia Qurayyah IPP Tender
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Saudi Arabia’s growing market continues to cement its position as the region’s biggest projects market, and was the only GCC market to record a notable increase this week. Apart from marginal growth in Iraq and Bahrain, the rest of the Gulf states witnessed a fall in the value of projects planned or under way.

The Saudi market grew by 0.5 per cent to $677bn after six new projects worth $1.7bn were launched and the $1.8bn Mecca monorail project was revived. Other new projects included the $500m Jenan City real-estate development and two $500m power plant extensions.

Upcoming tender deadlines
  Client Contract Submission date
Iraq Electricity Ministry Four independent power plans mid-February
Kuwait Kuwait University College of Science and Faculty Club 27-Feb
Saudi Arabia Saudi Electricity Company Qurayyah independent power project 28-Feb
UAE Mubadala Development Company Four Seasons hotel 15-Mar
Saudi Arabia Saudi Aramco King Abdullah Sports City stadium 14-Apr
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Overall, 14 new projects worth $3.9bn were launched in the Gulf in the past week. One of the largest schemes outside Saudi Arabia was a $1.5bn government housing project in Iraq. The addition of new projects were outweighed by the completion of 12 schemes worth $7.2bn.

The largest project to reach completion was the $4.2bn Shazand Arak refinery expansion project in Iran. This resulted in Iran’s projects market recording a 1.4 per cent fall, the biggest this week.

The Gulf’s Projects Index is down 6.5 per cent on 2010, with the GCC projects market recording a 14.6 per cent year-on-year fall. Iraq maintains its position as the region’s strongest market, with a 74.4 per cent year-on-year increase.