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市場調査レポート

アラブ首長国連邦(UAE)プロジェクト市場レポート

UAE Projects Market Report 2013

発行 MEED Insight 商品コード 292862
出版日 ページ情報 英文 197 Pages
納期: 即日から翌営業日
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本日の銀行送金レート: 1USD=102.12円で換算しております。
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アラブ首長国連邦(UAE)プロジェクト市場レポート UAE Projects Market Report 2013
出版日: 2013年06月01日 ページ情報: 英文 197 Pages
概要

アラブ首長国連邦(UAE)のプロジェクト市場は、嵐のような数年間を経験しました。2008年末までは、ドバイにおける不動産ブームにより、同国は世界の建設業におけるホットスポットであり、総額で1兆米ドルを超えるプロジェクトが発表されていましたが、そのほとんどが投機的なプロジェクトでした。その後の不可避の破綻に伴い、ほぼ全面的にその活動は停止しており、5年が経った今も未完成の建設地が各地に残っています。その一方で、2009-2010年にかけて、石油・ガスおよびユーティリティー部門に記録的な資本が投入されました。現在市場には徐々に活気が戻りつつあり、2012年にアブダビが2030年構想に基づいて投資を進めることを確認しています。

当レポートでは、アラブ首長国連邦(UAE)プロジェクト市場を取り上げ、同国の政治的・経済的背景を概括し、石油・ガス、電力・脱塩、排水、再生可能エネルギー、建設、および輸送などの分野におけるプロジェクト市場について調査分析するとともに、主要なプロジェクトおよび企業の概要を提示するなど、概略以下の構成でお届けいたします。

第1章 序

第2章 エグゼクティブサマリー

第3章 政治

  • 歴史
  • 政府
  • 外交関係
  • 金融危機
  • 活動家の弾圧
  • アブダビの戦略
  • ドバイの戦略

第4章 経済

  • 銀行
  • 人口
  • ドバイ
  • アブダビ
  • 北部首長国

第5章 UAEプロジェクト市場

  • 歴史的分析
  • 国営VS民営
  • 中止されたプロジェクト
  • 主要な請負業者
  • 主要な顧客
  • 将来のプロジェクト

第6章 石油・ガス

  • 構造
    • 最高石油評議会(Supreme Petroleum Council)
    • Abu Dhabi National Oil Company (Adnoc)
    • 非Adnoc関連会社
    • ドバイと北部首長国
  • 上流工程
    • 陸上
    • 沖合
  • ガス
    • 陸上
    • 沖合ガスとLNG
    • Dolphin Energy
  • 精製
    • 他の精製業者
    • 石油貯蔵
  • 石油化学
    • Abu Dhabi Polymers Company (Borouge)
    • Abu Dhabi Chemicals Company (Chemaweyaat)
  • プロジェクト市場
  • 請負業者

第7章 電力・脱塩

  • アブダビ
    • 電力
    • 脱塩
    • 燃料と代替エネルギー
  • ドバイ
    • 電力
    • 脱塩
    • 燃料と代替エネルギー
  • 北部首長国
    • 電力
    • 脱塩
    • 燃料と代替エネルギー

第8章 排水

  • アブダビ
  • ドバイ
  • 北部首長国

第9章 再生可能エネルギー

  • アブダビ
    • Shams 1太陽光発電所
    • Noor 1太陽光発電所
    • Sir Bani Yas
    • Masdar市発電所
    • Torresol CSP発電所
    • 生物個体発電
    • Masdar市地熱プロジェクト
    • 国際計画
  • ドバイ
  • 北部首長国

第10章 建設

  • 将来の作業
  • アブダビ
    • Vision 2030
    • 関係者
    • 民営部門の開発業者
  • ドバイ
    • 不動産
    • 万国博
    • テーマパーク
    • 資金
  • 北部首長国
  • 道路
    • ドバイの道路
    • その他
  • 紛争

第11章 産業

  • アルミニウム
    • ドバイ
    • アブダビ
  • 鉄鋼
    • Emirates Steel
    • その他の生産者
  • セメント
  • その他の産業プロジェクト

第12章 輸送

  • 鉄道
    • 幹線
    • 地下鉄/路面電車
  • 空港
    • ドバイ国際空港
    • アブダビ国際空港
    • その他の空港/北部首長国
  • 港湾
    • ドバイ
    • アブダビ
    • シャルジャ

図表リスト

目次
Product Code: UAE-PROJECTS-MARKET-2013

The UAE projects market has experienced a tumultuous few years. Until late 2008, it was one of the world's real construction hotspots, thanks in main to the Dubai real estate boom which saw more than $1 trillion worth of projects announced, albeit many of which were purely speculative. The almost inevitable crash that followed brought activity to an almost entire halt. Even five years on the remnants of the collapse can be found in unfinished construction sites across the federation. Dubai is still weighed down by an enormous debt pile.

However, while the UAE real estate sector's rise and fall has been widely discussed and analysed across the globe, it does not tell the whole story of the projects market as a whole across the seven emirates. Indeed 2009 and 2010 saw record capital investments in the oil, gas and utility sectors as state clients took advantage of falling material prices and lower EPC costs to push ahead with their project plans. While civils construction stagnated, it was a boom period for process construction.

Today there are visible signs that confidence is slowly returning to the market. The confirmation in 2012 by Abu Dhabi that it plans to proceed with investment under its 2030 vision provided the much-needed stimulus for activity to resume in the emirate. The award of the Louvre museum and Midfield Terminal contracts were two of the most obvious signs that the capital remained committed to its long-term plan.

Developments in Dubai have been just as encouraging. The announcement of several new projects, such as the multi-billion-dollar Mohammed Bin Rashid City and Bollywood theme park schemes, has lifted confidence, while the emirate's ongoing and largely successful efforts to reschedule and repay its debts have allayed doubts of a default.

As a result, for the first time in half a decade civils contractors are looking again at the UAE as a potential growth market. While on the process side, EPC contractors are preparing themselves for another round of significant capital investment, particularly in the offshore oil sector.

The main findings of this report are as follows:

  • The UAE is today the region's second largest projects market after Saudi Arabia. In 2012, it awarded some $26bn worth of contracts, a slight uplift on the previous year, but well down on the $65bn worth of deals it let in 2009, its peak year and the last time it was the largest projects market in the region;
  • The main drivers of the projects market are high oil prices, which lead to higher oil revenues, demographic growth, economic diversification, the desire to create jobs, and the political necessity of investing in social infrastructure following the Arab uprisings;
  • After the 2008 real estate crash, confidence is once again returning as property prices see some recovery and the emirates announce their commitment to real estate through the launch of several new major projects plus the resumption of activity on stalled ones;
  • Of the contracts awarded in 2012, civil construction was the largest sector, with about $14.5bn worth contract awards followed by transport and then oil More than 70 per cent of all contracts in the UAE are awarded by the public sector, highlighting the largely state-dominated projects market. However, the this percentage figure is markedly lower than other GCC states, indicating the relative strength of the private sector in the federation;
  • In the long-run the UAE is unlikely to be able to replicate the large value of contracts it made in the years up to 2008. However, it should comfortably be able to retain its position as the second largest market in the GCC after Saudi Arabia. Should confidence fully return and spending pick up, contract awards could exceed $30bn in 2013 and possibly as high as $35bn. In ensuing years, spending is expected to remain in the $25bn-35bn range;
  • All told there are $179bn worth of planned and un-awarded major projects in the UAE. This is more than any other GCC state bar Saudi Arabia, but it also marks a downward pattern for activity in the UAE as a whole given that the period 2007-12 saw $298bn worth of contracts awarded;
  • Infrastructure will be key, with substantial investment planned in airports, roads, ports and rail as individual emirates look to increase capacity to cope with rising population trends and maintain foreign direct investment;
  • In the oil and gas sector, the major focus is on offshore crude capacity increases. Onshore the search for additional gas - primarily sour gas - will be the main priority. Downstream investments will be dependent on the development a naphtha-based petrochemicals industry, refining and storage hubs, principally in Fujairah, and the construction of LNG import hubs;
  • Economic and population growth will ensure a steady stream of power projects. However, there will be a shift away from conventional thermal energy investments toward solar and nuclear energies;
  • Economically, the UAE lies in its strongest position since 2008. GDP growth is set to be higher than 4 per cent in 2013, and Dubai is proving more resilient than first thought to its debt crisis. Its ongoing ability to service and reschedule debt payments is providing the projects market with the confidence that it can maintain its long-term capital investment ambitions;
  • After half a decade of sluggish activity in the civils construction sector, the UAE is once again showing signs of growth. Statements and actions by Dubai and Abu Dhabi regarding their long-term visions have made it clear that they plan to stick to their plans. Boosted by foreign investment and high oil prices, the federation has a very real chance of becoming a major hub for project activity once again, albeit not at the same scale as pre-crisis;

Table of Contents

Table of contents

List of tables

List of figures

1. Preface

2. Executive summary

3. Politics

  • 3.1 History
  • 3.2 Government
  • 3.3 Foreign relations
  • 3.4 Financial crisis
  • 3.5 Activist clampdown
  • 3.6 Abu Dhabi strategy
  • 3.7 Dubai strategy

4. Economy

  • 4.1 Banking
  • 4.2 Population
  • 4.3 Dubai
  • 4.4 Abu Dhabi
  • 4.5 Northern emirates

5. The UAE Projects Market

  • 5.1 Historical analysis
  • 5.2 Public versus private
  • 5.3 Cancelled projects
  • 5.4 Main contractors
  • 5.5 The main clients
  • 5.6 Future projects

6. Oil & Gas

  • 6.1 Structure
    • 6.1.1 Supreme Petroleum Council
    • 6.1.2 Abu Dhabi National Oil Company (Adnoc)
    • 6.1.3 Non-Adnoc subsidiaries
    • 6.1.4 Dubai and the northern emirates
  • 6.2 Upstream oil
    • 6.2.1 Onshore
    • 6.2.2 Offshore
  • 6.3 Gas
    • 6.3.1 Onshore
    • 6.3.2 Offshore gas and LNG
    • 6.3.3 Dolphin Energy
  • 6.4 Refining
    • 6.4.1 Other refiners
    • 6.4.2 Oil storage
  • 6.5 Petrochemicals
    • 6.5.1 Abu Dhabi Polymers Company (Borouge)
    • 6.5.2 Abu Dhabi Chemicals Company (Chemaweyaat)
  • 6.6 Projects market
  • 6.7 Contractors

7. Power & desalination

  • 7.1 Abu Dhabi
    • 7.1.1 Power
    • 7.1.2 Desalination
    • 7.1.3 Fuel and alternative energy
  • 7.2 Dubai
    • 7.2.1 Power
    • 7.2.2 Desalination
    • 7.2.3 Fuel and alternative energy
  • 7.3 Northern Emirates
    • 7.3.1 Power
    • 7.3.2 Desalination
    • 7.3.3 Fuel and alternative energy

8. Wastewater

  • 8.1 Abu Dhabi
  • 8.2 Dubai
    • 8.2.1 TSE
  • 8.3 Northern Emirates
    • 8.3.1 Ajman
    • 8.3.2 Fujairah
    • 8.3.3 Sharjah
    • 8.3.4 Ras al-Khaimah and Umm al-Qaiwain

9. Renewable energy

  • 9.1 Abu Dhabi
    • 9.1.1 Shams 1 solar plant
    • 9.1.2 Noor 1 solar plant
    • 9.1.3 Sir Bani Yas
    • 9.1.4 Masdar City plant
    • 9.1.5 Torresol CSP plant
    • 9.1.6 Bio-solid power generation
    • 9.1.7 Masdar City geothermal project
    • 9.1.8 International schemes
  • 9.2 Dubai
  • 9.3 Northern emirates

10. Construction

  • 10.1 Future work
  • 10.2 Abu Dhabi
    • 10.2.1 Vision 2030
    • 10.2.2 Players
    • 10.2.3 Private sector developers
  • 10.3 Dubai
    • 10.3.1 Real estate
    • 10.3.2 Expo
    • 10.3.3 Theme parks
    • 10.3.4 Funding
  • 10.4 Northern emirates
  • 10.5 Roads
    • 10.5.1 Dubai roads
    • 10.5.2 Others
  • 10.6 Disputes

11. Industry

  • 11.1 Aluminium
    • 11.1.1 Dubai
    • 11.1.2 Abu Dhabi
  • 11.2 Steel
    • 11.2.1 Emirates Steel
    • 11.2.2 Other producers
  • 11.3 Cement
  • 11.4 Other industrial projects

12. Transport

  • 12.1 Rail
    • 12.1.1 Mainline
    • 12.1.2 Metro/light rail
  • 12.2 Airports
    • 12.2.1 Dubai International airports
    • 12.2.2 Abu Dhabi International airport
    • 12.2.3 Other airports/Northern Emirates
  • 12.3 Ports
    • 12.3.1 Dubai
    • 12.3.2 Abu Dhabi
    • 12.3.3 Sharjah

List of tables

  • Table 1: The UAE government and cabinet
  • Table 2: UAE oil production
  • Table 3: Key economic data
  • Table 4: Foreign Direct Investment
  • Table 5: UAE inflation
  • Table 6: Annual change in credit (%)
  • Table 7: Annual change in deposits (%)
  • Table 8: Dubai budget 2013 core principles
  • Table 9: Annual growth rates of the GDP by economic activity at current prices
  • Table 10: Abu Dhabi strategic plan 2011-15: Economic growth objectives
  • Table 11: Largest projects awarded, 2012
  • Table 12: Supreme Petroleum Council (SPC), June 2011
  • Table 13: Major oil and gas operating companies
  • Table 14: Abu Dhabi oil producers
  • Table 15: Refineries, June 2013
  • Table 16: Existing and planned oil storage capacity in Fujairah, 2012-14 ('000 cubic metres)
  • Table 17: Main construction packages on the Borouge 3 expansion
  • Table 18: Selected major planned oil and gas projects
  • Table 19: The 10 largest oil and gas contract awards, 2009-13*
  • Table 20: Abu Dhabi conventional power sector key facts, 2012
  • Table 21: Abu Dhabi's IPP and IWPP programme, 1999-2012
  • Table 22: Selected major power plant contracts, 2007-12
  • Table 23: Existing desalination capacity contracted by Adwea
  • Table 24: Recent major desalination awards
  • Table 25: Planned desalination projects
  • Table 26: Dubai power sector key facts, 2012
  • Table 27: Existing power plants
  • Table 28: Selected major power projects, 2005-11
  • Table 29: Existing desalination capacity in Dubai
  • Table 30: Dubai electricity and water tariffs
  • Table 31: Sewa's installed and available generating capacity, 2010
  • Table 32: Fewa's installed desalination capacity, 2009
  • Table 33: Recent and planned desalination awards by Fewa, May 2012
  • Table 34: Other local wastewater licence holders, April 2013
  • Table 35: Existing large-scale STPs, April 2013
  • Table 36: Contract awards on the STEP programme
  • Table 37: ADSSC's planned capital investment programme, 2011-17 (AEDm)
  • Table 38: Dubai Municipality STPs, 2011
  • Table 39: Dubai Municipality TSE quality standards
  • Table 40: Renewable electricity performance indicators
  • Table 41: Abu Dhabi renewable power sector key facts, 2012
  • Table 42: Dubai power sector key facts, 2012
  • Table 43: Dubai major construction projects under execution
  • Table 44: Abu Dhabi major construction projects under execution
  • Table 45: Abu Dhabi selected upcoming construction projects
  • Table 46: Dubai selected upcoming construction projects
  • Table 47: The Department of Transport's upcoming projects
  • Table 48: Department of Transport low bidders
  • Table 49: RTA road projects
  • Table 50: Major UAE road projects
  • Table 51: Main dispute causes
  • Table 52: Major UAE aluminium projects
  • Table 53: Aluminium smelters in the UAE
  • Table 54: Major UAE steel projects
  • Table 55: Selected steel production plants in the UAE
  • Table 56: Selected cement plants and production capacities in the UAE
  • Table 57: Dubai metro
  • Table 58: Dubai airports construction projects
  • Table 59: Abu Dhabi major airport contracts
  • Table 60: Northern emirates airport projects
  • Table 61: Future UAE airport contracts
  • Table 62: UAE major port projects planned or under construction

List of figures

  • Figure 1: Mapof the UAE and the seven emirates
  • Figure 2: GCC total contract awards 2005-12
  • Figure 3: Value of GCC contract awards by country, 2006-12
  • Figure 4: Breakdown of contracts awarded by sector, 2008-12
  • Figure 5: Contracts awarded by sector, 2008-12 (%)
  • Figure 6: Contract awards by public/private client and sector, 2012
  • Figure 7: Cancelled or on-hold projects due to have been awarded in 2008-12 by sector
  • Figure 8: Top 20 largest contractors in the UAE by value of work under execution
  • Figure 9: Top 15 clients by value of work under execution
  • Figure 10: Value of planned and un-awarded projects by sector
  • Figure 11: Comparison of activity, 2007-17
  • Figure 12: Oil and gas fields
  • Figure 13: Structure of Abu Dhabi's oil and gas industry
  • Figure 14: Oil production, 2007-11
  • Figure 15: Abu Dhabi oil production by field (b/d)
  • Figure 16: Blocks covered by the Korean/Adnoc concession agreement
  • Figure 17: Gas production and consumption, 2001-11
  • Figure 18: Gasco's gas processing plants (t/d)
  • Figure 19: LNG import and export capacity, 2008-16 (million t/y)
  • Figure 20: Dolphin gas pipeline network
  • Figure 21: Actual and planned refining capacity, 2010-18
  • Figure 22: Borouge expansion programmes
  • Figure 23: Oil and gas contract awards, 2006-12
  • Figure 24: Forecast major oil and gas contract awards
  • Figure 25: Power capacity by type, 1999-2011
  • Figure 26: Leading power developers by equity capacity, June 2013*
  • Figure 27: Peak demand growth, 2001-11
  • Figure 28: Abu Dhabi peak power exports by destination, 2010-12*
  • Figure 29: Projected Adwec power supplies to Adnoc, Fewa and Sewa, 2012-20
  • Figure 30: Adwec's peak demand forecasts, 2012-20
  • Figure 31: Leading desalination developers by equity capacity, June 2013
  • Figure 32: Peak desalination demand growth, 2011-11
  • Figure 33: Peak desalinated water supply by region, 2011 (%)
  • Figure 34: Adwea total fuel consumption, 2009-11
  • Figure 35: Peak gas demand forecast for Abu Dhabi's power and desalination sector, 2010-20*
  • Figure 36: Forecast peak gas demand with and without alternative energy, 2010-20
  • Figure 37: Peak power demand growth, 2005-11
  • Figure 38: Peak power demand and installed capacity, 2005-11
  • Figure 39: Annual growth in Dubai water demand, 2005-11
  • Figure 40: Installed desalination capacity and peak desalination demand, 2005-11
  • Figure 41: Demand outlook for desalinated water, 2011-20
  • Figure 42: Dewa's fuel bill, 2004-08
  • Figure 43: Dewa's net income, 2007-09
  • Figure 44: Dubai's targeted sources of generation, 2030 (%)
  • Figure 45: Fewa's peak power imports from Abu Dhabi, 2008-11
  • Figure 46: Fewa's installed generating capacity, 2009 (MW)
  • Figure 47: Sewa's peak power demand growth, 2008-10
  • Figure 48: Sewa's peak power imports from Abu Dhabi, 2008-11
  • Figure 49: Sewa's installed desalination capacity, 2010
  • Figure 50: Abu Dhabi STP capacity and inflows, 2008
  • Figure 51: Population forecasts used by ADSSC in its 2010 and 2011 Planning Statements
  • Figure 52: Projected treatment capacity and inflows in the Abu Dhabi region, 2008-16
  • Figure 53: Projected treatment capacity and inflows in the Al-Ain region, 2008-16
  • Figure 54: Breakdown of ADSSC's planned capital spending by segment, 2011-16 (AEDm)
  • Figure 55: Tariff comparison between water and TSE, 2003-11
  • Figure 56: Ajman Sewerage shareholding structure (%)
  • Figure 57: Ajman sewerage network
  • Figure 58: Development of the Sharjah central drainage facility, 1978-2008
  • Figure 59: Solar thermal electricity generating potentials in the UAE
  • Figure 60: Projects on hold by market (% of $397bn)
  • Figure 61: UAE residential and mixed-use awards*
  • Figure 62: UAE awards vs completions
  • Figure 63: Dubai awards vs completions
  • Figure 64: Abu Dhabi awards vs completions
  • Figure 65: Northern emirates awards vs completions
  • Figure 66: Projects under execution (% of $76.2bn)
  • Figure 67: Bids and prequalification (% of $18.6bn)
  • Figure 68: Design and study (% of $50bn)
  • Figure 69: Abu Dhabi prequalification and tender by sector (% of $11.3bn)
  • Figure 70: Abu Dhabi design and study by sector (% of $20.8bn)
  • Figure 71: Dubai prequalification and tender by sector (% of $7.01bn)
  • Figure 72: Dubai design and study by sector (% of $24.6bn)
  • Figure 73: Northern emirates prequalification and tender by sector (% of $830m)
  • Figure 74: Northern emirates design and study by sector (% of $4.03bn)
  • Figure 75: UAE industrial projects - sum of contract value ($m)*
  • Figure 76: Aluminium contract awards ($m)
  • Figure 77: Steel awards ($m)
  • Figure 78: UAE cement firms revenue share
  • Figure 79: Etihad rail network
  • Figure 80: Dubai metro network
  • Figure 81: Dubai airport passenger growth
  • Figure 82: Abu Dhabi aviation sector
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