Iraq records largest decline in value of projects market in the region
Growth in the Gulfs 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 name||Project status|
|Iraq||Zubair field development||Execution|
|UAE||Yas Island development||Execution|
|For further information visit www.meed.com/meedprojects|
Saudi Arabia, the regions 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 kingdoms projects sector remains above the $1 trillion mark, and is almost 19 per cent up on the same period in 2013.
The value of Omans and Qatars projects markets also increased by 0.1 per cent. The growth in Omans 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|
|Kuwait||Public Works Ministry||Kuwait airport terminal||24 Apr|
|Tunisia||Office National de lAssainissement||Wastewater treatment plant works||29 Apr|
|Saudi Arabia||Finance Ministry||Governmental Authorities Complex infrastructure||4 May|
|UAE||Tourism Development & Investment Company||Guggenheim Museum||8 May|
|Kuwait||Kuwait Oil Company||Provision of masterplan for installation services||18 May|
|For further information visit www.meed.com/tenders|
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 Iraqs projects market is up 7.7 per cent year-on-year.
Biggest contract $300m
Awarded to a joint venture of Belgiums Six Construct and the local Midmac Contracting Company to upgrade Qatars Khalifa Stadium
$475m Value of major contract awards
2 Number of contracts awarded
For further information visit www.meed.com/contracts