By Dr. Theodore: QATAR leads Gulf Projects growth …

Doha / QATAR (by Dr. Theodore): Qatar has led Gulf Projects’ Index growth with value of schemes planned or underway in Qatar climbing 1.3% in the week up to August 27, a study by QENERGY has shown.

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GULF PROJECTS INDEX – QENERGY / MEED Report

It is estimetaed that Qatar’s performance was on the back of the launch of five new projects worth a total of $600mn and revision of a construction project worth $2.4bn.

The Gulf Projects’ Index recorded growth of 0.1% (to $3.1tn) in the period under review following a rise in four of the six GCC (Gulf Co-operation Council) projects markets.

Oman was the next largest gainer in the index, as the value of its projects market rose by 0.6% with the launch of eight new schemes worth a total of $795mn. The sultanate’s projects sector has enjoyed a strong year to date with the value of its market up by 27% year-on-year.

Saudi Arabia, the region’s biggest projects’ market, grew by 0.3% over the past week due to the launch of some 12 new schemes worth $2.7bn. Unchanged for the second straight week, the value of Bahrain’s projects sector has risen by just 0.1% over the past year, which is the lowest gain of any market in the GCC, QE report said.

Kuwait was the only country in the GCC to record a fall, with the value of schemes planned or underway declining by 1.4%.

Five new projects were launched in Kuwait this week worth a total of $486mn, but these were offset by the budgets of five schemes being lowered by a total $3.5bn.

Sources: Gulf Times, The Peninsula, MEED, QENERGY Report, Caye Global News

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