Completion of the Dubai Metro Green line is the main contributor of 1.4 per cent drop in the UAE
Biggest contract: $327m
Awarded to UAE/Australian Al-Habtoor Leighton Group to build Northgate Shopping Mall in Doha
$621.4m: Value of major contract awards
3: Number of contracts awarded
For further information visit www.meed.com/contracts
The Gulf projects index fell by 0.2 per cent to $2.4 trillion for the week up to 13 September, with five out of the six GCC states recording a drop in the value of projects planned or under way.
Oman was the only GCC country not to record a fall in the value of its projects market. The UAE witnessed the biggest decline.
The total value of projects planned in the UAE fell by 1.4 per cent to $615bn, the lowest it has been since June 2007. The main contributor to its decline was the completion of the $3.8bn Green line metro project. The completion of another six projects worth $1.4bn and the removal of a $3bn power and desalination project from the index, also contributed to the drop in the value of the UAE’s projects market.
|Project Name||Project Status|
|Iran||Propane Dehydrogenation Plant||Tender|
|UAE||Al-Zorah Resort Phase I||On Hold|
|UAE||Hassyan Power & Desalination Station – Phase II||Cancelled|
|For further information visit www.meed.com/meedprojects|
Qatar’s projects market recorded the second biggest drop in the Gulf, with the total value of projects falling by 0.7 per cent to $225bn. The addition of a $100m sewerage project was not enough to counteract the completion of three projects worth $696m.
Bahrain’s index witnessed a contraction of 0.5 per cent. A revised budget for a gas compressor station project contributed to the drop.
|Upcoming tender deadlines|
|UAE||Wasl Asset Management||Meridien Hotel expansion||18 September|
|Oman||Transport & Communications Ministry||Batinah Expressway (package 2)||26 September|
|Kuwait||Directorate General of Civil Aviation||New runway||11 October|
|UAE||Abu Dhabi Health Services Company (Seha)||Al-Ain hospital||15 October|
|UAE||Abu Dhabi Airports Company||Midfield Terminal||13 November|
|For further information visit www.meed.com/tenders|
Outside the GCC, Iran’s projects market continued its impressive growth with an increase of 2.2 per cent to $312.2bn. The revival of the estimated $5bn Farsi Offshore block development was the main driver behind the growth. Four new oil and gas projects worth a total of $1.8bn also contributed to the rise of the projects planned or under way in the Persian state.
Iraq remains the Gulf’s fastest growing projects market, recording a 51 per cent year-on-year increase. The political uncertainty across the region this year continues to impact the Gulf’s projects index, with a 13 per cent year-on-year decrease.
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