Gulf projects inch towards $3trn mark

The total value of major projects planned or under way in the Gulf stood at $2.937 trillion on September 29, 2010, according to MEED’s Gulf Projects Index, which tracks the region’s major projects market.

The value includes planned and underway projects in Iraq and Iran beside projects in the six Gulf Cooperation Council (GCC) countries. The total value of major projects in the GCC markets, which account for about 78 per cent of regional activity, fell marginally to $2.29 trillion on September 29, 2010, a fall of 0.2 per cent over the week, according to the index.

Bahrain witnessed the highest growth, with the value of projects touching $78.49bn, up 3.3 per cent on the week. According to MEED, growth was driven by two expansion schemes on the Addur independent & water power project (IWPP) – the $1.1bn Addur 3 IWPP and $1.2bn Addur IPP Phase IV.

Progress on Qatar General Electricity & Water Corporation’s (Kahramaa) Facility D IWPP pushed growth up by 0.5 per cent in the country, taking the total value of projects to $251.4bn. Meanwhile, data showed that the UAE recorded a week-on-week fall of 0.9 per cent. The UAE market saw completion of projects such the $1.6bn Umm Shaif Gas Injection Facilities project in Abu Dhabi.