The Gulf Projects Index dropped 3.9 per cent in the week ending 6 November as Saudi Arabia pulled down the overall market.

Saudi Arabia saw the biggest fall for the second week running with the market contracting 12.1 per cent with the $180bn KA-Care renewable energy programme being put on hold following almost two years with no updates from the authorities. Saudi Arabia’s projects market is also continuing to suffer as the kingdom manages a growing deficit and reduced government revenues.

In numbers

$2bn Value of completed projects in Iran

$180bn Value of the Saudi Arabia renewables programme on hold

$4.8bn Value of new projects in the UAE

There is little movement in the region’s other markets and the second-biggest loss this week was witnessed by the Oman projects market, which contracted by 0.6 per cent. The fall in the Oman market was mainly due to several mixed-use residential schemes being completed with only one new project announced.

Project updates this week
  Project name Project status
Kuwait Jurassic non-associated: Sabriyah and Umm Niqa fields Budget change
Saudi Arabia Duba IPP: phase 2 Cancelled
Saudi Arabia KA-Care renewable energy programme On hold
Saudi Arabia Yanbu integrated refinery and petrochemicals complex Revived
UAE Al-Sajaa Industrial Oasis New project
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The UAE projects market rose 0.5 per cent as $4.8bn of new projects added this week. Overall there was almost $700m-worth of projects completed this week.

Several power schemes, including the $1.5bn Aras combined-cycle power plant, have meant Iran’s project index gained 1.8 per cent as the market continues to improve week-on-week. The Iranian index is now up 8.5 per cent year-on-year with many expecting this positive trajectory to continue.  

Kuwait’s projects market witnessed the second-largest percentage increase after Iran with a rise of 1.6 per cent, remaining the fastest-growing market with a year-on-year percentage gain of 20.3 per cent.

Upcoming tender deadlines
  Client Contract Submission date
UAE Dubai Municipality Jebel Ali sewage treatment plant expansion 22-Nov
Saudi Arabia Saudi Aramco Hasbah gas field Late Nov
Saudi Arabia Saline Water Conversion Corporation Jeddah 4 reverse osmosis desalination plant 01-Dec
UAE Roads & Transport Authority Route 2020 metro extension 06-Dec
UAE Sharjah Electricity & Water Authority Hamriyah power plant expansion 07-Feb
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Qatar remained flat this week following a significant fall last week. About $212m-worth of projects were added to the index. Qatar’s year-on-year performance also remains flat.

The year-on-year fall of 11.2 per cent for Iraq’s market was maintained by another week of contractions as it recorded a 0.2 per cent fall. Iraq witnessed about $600m-worth of projects being put on hold with no new schemes announced.  

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