The Gulf Projects Index increased 1.5 per cent in the week up to 15 July, boosted by strong growth in the UAE and Bahrain.
The UAEs projects index gained 4.2 per cent as Dubai relaunched its plans to build the Mall of The World, billed as the worlds biggest shopping centre.
Dubais ruler, Sheikh Mohammed bin Rashid al-Maktoum, announced the new plans for the mall on 5 July. The scheme will be developed by Dubai Holding and will include a covered street network spreading across 7 kilometres, a 3 million square-foot medical district and an arena that can accommodate 15,000 people.
The UAE is the second-biggest market in the region after Saudi Arabia, with $749.8bn of projects planned and under way.
Saudi Arabia saw its project market expand by 1.4 per cent to $1.1 trillion, buoyed by the new multibillion-dollar Yanbu refinery project and oil major Aramcos plans to construct 11 stadiums across the kingdom as part of a programme to improve sports facilities. Each stadium will have a capacity of 45,000 people.
|Project name||Project status|
|Kuwait||Gathering centre 29||Execution|
|Oman||Batinah Expressway: section 7||Main contract bid|
|Saudi Arabia||Yanbu refinery||Study|
|For further information visit www.meed.com/meedprojects|
The Yanbu refinery project is still at the study phase and will have a capacity of 285,000 barrels a day if it is given the go ahead.
Bahrain, the indexs smallest market, saw a 4.3 per cent rise, driven by developments connected to the Marsa al-Seef waterfront project.
Outside the GCC, both Iran and Iraq saw small declines in the value of their markets.
|Upcoming tender deadlines|
|UAE||Meydan Group||Entisar Tower||03-Aug|
|Saudi Arabia||Saudi Aramco||Maintain potential programme||03-Aug|
|Saudi Arabia||Saudi Aramco||Khurais expansion||05-Aug|
|Saudi Arabia||Health Ministry||King Faisal Medical City||11-Aug|
|Saudi Arabia||Mecca Municipality||Mecca Metro: phase 1||08-Sep|
|For further information visit www.meed.com/tenders|
Iraq edged lower by 0.1 per cent as Islamist militants further entrenched their positions after declaring a new caliphate bridging Iraq and Syria.
Irans market fell 0.3 per cent, finishing the week at $227.8bn, amid increasing uncertainty about a new nuclear agreement with the US that could see sanctions reduced.