Fall-off in total value of projects planned or under way in the kingdom behind drop
Biggest contract: $1.5bn
Awarded to US-based Hill International for work on a project to build 100,000 homes in Iraq
$1.9bn: Value of major contract awards
3: Number of contracts awarded
For further information visit www.meed.com/contracts
A drop in the value of the Saudi market caused the Gulf projects index to fall by 0.1 per cent to $2.58 trillion for the week up to 7 June.
The GCC projects market, which accounts for about 72 per cent of the total Gulf projects market, shrank 0.2 per cent. The main reason for the decrease was a 0.4 per cent fall in the total value of projects planned or under way in Saudi Arabia, the region’s largest projects market.
The 20 new projects worth a total of $1.2bn added to the Saudi index were not able to compensate for the value of projects put on hold or completed. A $1bn mixed-use real-estate development in Mecca was put on hold. Two packages, worth a total of $2.5bn, on the Princess Noura University, and three power projects worth $325m were completed.
|Upcoming tender deadlines|
|Qatar||Public Works Authority (Ashghal)||Lusail Expressway||27 June|
|Kuwait||Kuwait Oil Company||Soil remediation||28-Jun|
|Saudi Arabia||Interior Ministry||Medical complexes||28 June|
|Kuwait||Health Ministry||Al-Amiri hospital||10 July|
|UAE||Abu Dhabi Airports Company||Midfield Terminal||10 July|
|For further information visit www.meed.com/tenders|
The ongoing political instability in Manama continues to affect Bahrain’s projects market, as the value of projects planned or under way dropped 0.2 per cent. Bahrain’s projects market has declined from $80.6bn at the start of March to $61.3bn as a result of the political unrest.
The UAE’s project market retreated 0.2 per cent as three construction projects worth $510m were completed and a $500m oil and gas project was put on hold.
The only GCC market to have recorded significant growth was Oman. The sultanate’s projects market increased by 0.8 per cent as three projects worth $1.4bn were announced and two stalled projects worth $210 were revived.
|Project Name||Project Status|
|Saudi Arabia||Princess Noura bint Abdulrahman University for Women||Complete|
|Qatar||Ras Laffan Glycol Regeneration Project||Planned|
|UAE||Hassyan IPP||EPC Bid|
|Qatar||Qatar National Museum||EPC Bid|
|For further information visit www.meed.com/meedprojects|
Outside the GCC, Iran’s project index dropped 0.1 per cent as the budget on a methanol project was reduced. Iraq, which saw the highest growth last week, recorded 0.1 per cent growth. Iraq maintains its position as the region’s fastest-growing market, with a 36.5 per cent year-on-year increase.