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
For further information visition www.meed.com/contracts
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|
|For further information visit www.meed.com/meedprojects|
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|
|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|
|For further information visit www.meed.com/tenders|
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.