Gulf index rises 2 per cent in September
27 September 2023
The estimated value of the Gulf projects market rose by 2 per cent from 11 August to 15 September in the seventh straight month of growth for the Gulf Projects Index by regional projects tracker MEED Projects.
This growth was driven primarily by a $48bn rise in the value of the Saudi projects market and a $29bn rise in the Qatari market, alongside a rise of $8.7bn in the UAE. The growth spree in the past seven months has led to the Gulf projects market expanding from $3.1tn in February to $3.5tn in September.
In Saudi Arabia, the $48bn or 3 per cent rise was driven by the launch of several new projects, including three schemes from National Housing Company. The firm launched the $10.7bn Banan City project as part of the Dahiyat al-Fursan development, as well as projects for a $5bn business centre and $2bn sports city in the Dahiyat Khuzam development.
The $29bn value increase in the Qatari market was equivalent to 15 per cent growth, but it was largely driven by the re-estimation of budgets for existing schemes rather than project additions.
Further GCC growth
The UAE projects market also grew by $8.7bn or 1.5 per cent, for a total GCC increase of $78.1bn or 2.8 per cent.
This was dragged down only slightly by a $6.2bn or 3.5 per cent decline in Kuwait and a $1.1bn or 0.6 per cent contraction in Oman. However, the Housing Ministry in Oman also launched its own $1bn Al-Dahariz City development.
The Bahrain market grew marginally, adding $0.3bn or 0.4 per cent in value.
Beyond the GCC, the Iraqi projects market fell by $11.1bn or 3.6 per cent. Iran’s projects market meanwhile contracted marginally, declining by $0.7bn or 0.3 per cent.
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The request for qualifications (RFQs) was issued by the municipality’s Sewerage and Recycled Water Projects Department (SRPD).
The bid submission deadline is 26 February.
The first scheme under the package is TF-16-C1, which involves upgrading and rehabilitating the stormwater system east of the Dubai Canal.
The second, TF-15-C2, will deliver stormwater links along Umm Suqeim Road to serve the Al-Barsha and Al-Quoz communities.
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Several engineering, procurement and construction (EPC) contracts have been awarded under the Tasreef initiative, which aims to expand Dubai’s rainwater drainage capacity by 700% by 2033
In January, local firm DeTech Contracting won the main contract to construct a stormwater drainage system in Jebel Ali.
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READ THE FEBRUARY 2026 MEED BUSINESS REVIEW – click here to view PDFSpending on oil and gas production surges; Doha’s efforts support extraordinary growth in 2026; Water sector regains momentum in 2025.
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Modon tenders Ras El-Hekma construction contracts
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Abu Dhabi-based developer Modon Holding has tendered several contracts as part of the first phase of development at Ras El-Hekma, a planned new city on Egypt’s Mediterranean coast.
MEED understands that the tenders were issued in January.
These include:
DP3 assets: covering 146 residential villas, 590 three-bedroom townhouses, 356 four-bedroom townhouses, a mall and other associated works.
Bids due on 23 February.
DP4 assets: DP4 includes 54 villas, a clubhouse and other associated infrastructure.
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Bids due on 17 March.
DP7 assets: 120 five-bedroom villas, 230 seven-bedroom villas, 284 branded residential units and other infrastructural works.
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Modon has accelerated development works at Ras El-Hekma this year. In January, MEED reported that Modon Holding had awarded a E£15bn ($316m) contract for the construction of a project at Ras El-Hekma.
The contract was awarded to the local firm Orascom Construction.
The scope of the contract covers the construction of residential units, commercial facilities and a 70-key hotel.
In September, MEED reported that Modon Holding had tendered contracts for the infrastructure works for the first phase of the Ras El-Hekma project.
As part of the first phase, Modon plans to develop more than 50 million square metres (sq m), including hotels and a marina.
Ras El-Hekma is on a spur of land on Egypt’s northern Mediterranean coastline, about 240 kilometres west of Alexandria.
Last year, Abu Dhabi-based holding company ADQ appointed Modon Holding as the master developer for the Ras El-Hekma project.
According to an official statement, Modon will act as the master developer for the entire development, which will cover more than 170 million sq m.
Modon Holding will develop the first phase of the project, which will cover 50 million sq m.
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In September 2024, Modon signed several memorandums of understanding (MoUs) with local and international firms to join the development. It signed a framework agreement with Orascom Construction to serve as the primary contractor for the project’s first phase.
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The signing ceremony was held at the Aqaba Special Economic Zone Authority headquarters in Aqaba on 5 February.
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In 2025, the terminal handled over 5.3 million tonnes of cargo and nearly 85,000 car equivalent units of Ro-Ro imports.
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Chinese firm wins Ceer automotive supplier park deal
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