A decline in the value of the GCC’s projects market contributed to the Gulf projects index falling by 0.1 per cent to $2.5 trillion for the week ending 20 March.

Four of the six GCC states recorded a drop in the value of their projects sectors, with Kuwait and Oman the only countries to avoid a slide.

The UAE was the Gulf’s worst performing market, with the value of its projects sector falling 0.5 per cent to $561.6bn. The decline was caused by the completion of $489m of projects and the halting of $260m-worth of schemes.

Bahrain and Qatar both recorded a 0.1 per cent decrease in the value of their projects markets. The completion of a $500m real estate project was the main reason for the drop in value of Qatar’s projects market.

Oman’s index saw the biggest growth in the GCC, with a 0.3 per cent increase. The launch of three schemes worth a total of $645m and the revival of a petrochemicals deal estimated to be worth $210m contributed to its rise.

Kuwait’s projects market continued its impressive start to 2012, recording growth for the fourth successive week. The value of its projects sector rose 0.2 per cent as two power and water projects, worth more than $150m, were added to its index. Kuwait is the region’s fastest-growing projects market, with a 31.8 per cent year-on-year increase.

Outside the GCC, there were contrasting fortunes for Iran and Iraq’s projects sectors. Iraq’s index saw an increase of 0.7 per cent as 20 projects worth a total of $2.4bn were added. The biggest project is an estimated $250m housing scheme in Baghdad.

The value of Iran’s projects market fell 0.3 per cent as the estimated budget on the Kish gas scheme was reduced to $5bn from the originally planned $12bn.