UAE leads growth in Gulf index

10 April 2014

Iraq records largest decline in value of projects market in the region

Growth in the Gulf’s two largest projects markets, the UAE and Saudi Arabia, contributed to the Gulf Projects Index rising by 0.1 per cent in the week up to 8 April.

The biggest increase was recorded in the UAE, which saw a 0.7 per cent jump in the value of its projects sector. The growth was due to the addition of $5.2bn-worth of new schemes to its index. The largest of these is the $175m National Centre of Meteorology and Seismology, which is planned to be built in Abu Dhabi. The UAE projects market is currently worth $727.7bn, the highest it has been since January 2011.

Project updates
 Project nameProject status
IraqHousing programmeExecution
IraqZubair field developmentExecution
QatarLusail developmentExecution
UAEYas Island developmentExecution
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Saudi Arabia, the region’s biggest projects market, recorded growth of 0.1 per cent in the value of its projects sector. This was due to the launch of six new schemes worth a total of $365m, and the increase in budget of two government ministry construction projects. The value of the kingdom’s projects sector remains above the $1 trillion mark, and is almost 19 per cent up on the same period in 2013.

The value of Oman’s and Qatar’s projects markets also increased by 0.1 per cent. The growth in Oman’s projects sector was due to the launch of six new schemes worth a total of $1.6bn, including an estimated $1bn independent power project planned at Suwaiq.

Upcoming tender deadlines
 ClientContractSubmission date
KuwaitPublic Works MinistryKuwait airport terminal24 Apr
TunisiaOffice National de l’AssainissementWastewater treatment plant works29 Apr
Saudi Arabia Finance MinistryGovernmental Authorities Complex infrastructure4 May
UAETourism Development & Investment CompanyGuggenheim Museum8 May
KuwaitKuwait Oil CompanyProvision of masterplan for installation services18 May
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Outside the GCC, both Iraq and Iran recorded a drop in the value of their projects markets, with falls of 0.7 per cent and 0.3 per cent respectively. Despite the sharp decline, the value of Iraq’s projects market is up 7.7 per cent year-on-year.

Contract awards

Biggest contract $300m

Awarded to a joint venture of Belgium’s Six Construct and the local Midmac Contracting Company to upgrade Qatar’s Khalifa Stadium

$475m Value of major contract awards

2 Number of contracts awarded

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