Kuwait records biggest decline of 9 per cent in value of projects market
The Gulf Projects Index saw an expansion of 0.4 per cent in the week ending 1 October, with the UAE leading the gains.
The UAE projects sector grew 4.5 per cent, after plans for the $32bn expansion of Al-Maktoum International airport were approved by Dubais ruler, Sheikh Mohammed bin Rashid al-Maktoum.
The scheme is the biggest airport project in the world and includes a new terminal for Emirates Airline that will have the capacity to handle 120-130 million passengers a year, making it the biggest terminal building in the world.
Over the week, 56 new schemes were announced in the UAE, with a total value of $42.4bn.
|Project name||Project status|
|Kuwait||Al-Khairan City||On hold|
|Qatar||Lusail development||Budget changes|
|Saudi Arabia||Housing project||Budget changes|
|UAE||Al-Maktoum International airport expansion||New project|
|UAE||Expo 2020 masterplan||Inactive|
|For further information visit www.meed.com/meedprojects|
While the UAE was the biggest gainer, Kuwait saw the biggest decline of 9 per cent in its projects market, as a multibillion-dollar housing project located in the Al-Ahmadi governorate was put on hold.
Saudi Arabia, the regions biggest projects market, also contracted, dropping by 0.4 per cent as several large schemes were completed, including the $1.5bn Yanbu Export Refinery.
|Upcoming tender deadlines|
|Saudi Arabia||Mecca Municipality||Mecca Metro: phase 1||Oct-14|
|Dubai||Dubai Electricity & Water Authority||M station expansion||Oct-14|
|Oman||Oman Power & Water Procurement Company||Salalah 2||Oct-14|
|Saudi Arabia||Saudi Aramco||11 stadiums||Oct-14|
|UAE||Nakheel||Palm Hotel tower||02-Nov|
|For further information visit www.meed.com/tenders|
Iraq saw a week of stabilisation, with its projects market staying flat at $433bn. The country has seen $85.7bn wiped off its projects market since the jihadist group Islamic State in Iraq and Syria swept through it in early June, seizing control of Mosul, Iraqs second-most populous city.
Bahrain and Oman, the Gulfs smallest projects markets, also saw little movement. Both finished the week with an expansion of 0.1 per cent. Qatar also grew by 0.1 per cent, with a large number of small-scale construction projects pushing the market up.
Iran saw an expansion of 1.1 per cent over the week, but remains down by 3.2 per cent year-on-year.
$42.4bn Value of new projects in the UAE
56 Total number of new projects in the UAE
$85.7bn Contraction in Iraqs projects market since 10 June
For further information visit www.meed.com/contracts