Saudi renewables revival boosts Gulf Projects Index

02 August 2016

Value of kingdom’s projects market rises by 15 per cent 

The revival of Saudi Arabia’s renewable energy programme triggered a 15 per cent increase in its projects market in the week ending 29 July.

The kingdom’s renewed impetus for renewables, first revealed in its Vision 2030 in April, along with some $9bn-worth of new schemes, breathed life into the overall Gulf Projects Index, which rose 4.5 per cent during the week.

In numbers

15% Increase in value of Saudi projects market

$4bn Combined value of hotel projects planned in Mecca

4.5% Increase in value of Gulf Projects Index

The new terminal planned by the Saudi General Authority of Civil Aviation (Gaca) at King Khaled International airport (KKIA) in Riyadh is one of the largest new projects inducted into the kingdom’s projects list.

Several hotels with a combined value of close to $4bn are also being planned primarily in Mecca by the local Sulaiman Abdulaziz Al-Rajhi Real Estate Investments Company.

Every other individual Gulf market contracted during the week apart from Kuwait, which rose 0.4 per cent, and Iran, which remained unchanged.

The sharpest declines were registered by Qatar and the UAE. Qatar slid 0.5 per cent, while the UAE fell 0.4 per cent.

The week saw 16 projects with a contract value of about $2bn being completed in Qatar, while only five new schemes worth an estimated total of $93m were added.

The UAE saw 16 new schemes added, with a collective budget estimated at $860m. However, this was offset by the completion of some 18 projects with a combined value of about $2.4bn.

 

Country29-Jul-1622-Jul-16% change on week31-Jul-15% change on year
Bahrain73,28473,354-0.1%68,5936.9%
Kuwait255,294254,3770.4%235,1858.2%
Oman194,047194,310-0.1%167,51916.0%
Qatar269,681270,906-0.5%296,108-8.5%
Saudi Arabia1,176,1151,022,79915.0%1,206,912-15.3%
UAE849,071852,720-0.4%827,0993.1%
GCC2,817,4922,668,4665.6%2,801,416-4.7%
Iran273,566273,5660.0%198,23738.0%
Iraq331,442331,942-0.2%379,388-12.5%
Gulf Total3,422,5003,273,9744.5%3,379,041-3.1%

 

PROJECT UPDATES THIS WEEK
CountryProject
Status
Saudi ArabiaRenewable energy programmeRevived
Saudi ArabiaKing Khaled International airport expansion: Terminal 6Study
Saudi ArabiaTilal Al-NaseemExecution
UAEHabshan 5 NGL RecoveryOn hold
Saudi ArabiaRiyadh Rapid Bus Transit System project: Phase 1On hold

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications