Meed | Gulf projects step up for ninth month

Gulf projects step up for ninth month

21 November 2023

The Gulf Projects Index grew for its ninth straight month, increasing by 2.4 per cent or $85.5bn from 13 October to 17 November, led by the Saudi market, which alone expanded by 3.4 per cent, adding $57.9bn in value.

The value growth in Saudi Arabia was spurred by both a rise in active projects and the upward revision of budgets for existing schemes. Saudi Power Procurement Company (SPPC) began prequalification for four power generation schemes worth a combined $4.7bn. It also announced the study of a $1.4bn, 1,200MW combined-cycle power plant at Rabigh.

Petrochemicals producer Petro Rabigh meanwhile revived its $3.5bn Bottom of the Barrel project, receiving submissions for front-end engineering and design work.

Further growth

The UAE projects market added $13.2bn in value and expanded by 2.1 per cent. Emirates Water & Electricity Company entered the study phase on an almost $1bn independent water project at Ruwais, and Emirates Group announced plans for an engineering facility at Dubai World Central, also valued at nearly $1bn.

Bahrain compounded the trend of strong utilities project growth, with its Electricity & Water Authority announcing its study of the $1.5bn Al-Dur 3 independent water and power project. Its projects market grew by 2.1 per cent.

Oman’s projects market grew by $3.7bn or 1.8 per cent, while Kuwait’s grew by $9.6bn or 5.7 per cent as Kuwait Petroleum Corporation revived feasibility studies for the planned $10bn Al-Zour petrochemicals complex. Qatar’s projects market meanwhile dipped by $0.9bn or 0.4 per cent.

Beyond the GCC, Iraq added $1bn or 0.3 per cent in project value, while Iran’s projects market dropped, shedding $0.5bn or 0.3 per cent in value.

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John Bambridge