The Gulf Projects Index fell 0.6 per cent in the week up to 22 December 2014, ensuring a somewhat subdued end to what has been a year of very strong growth – a total of 11.1 per cent – in the GCC major projects market.

Qatar was the only market in the GCC to post a gain in the week, while Oman and Kuwait saw the largest losses, despite recording strong growth throughout the year.

Oman’s projects market declined by 1.8 per cent, or $2.8bn, as the country considers spending cuts to infrastructure projects. The completion of $178m-worth of water schemes also affected the market. Oman ended the year more than 5 per cent up on the end of 2013.

Kuwait recorded a 1.2 per cent contraction in its projects market, as delays on power projects continue due to legislative changes. This was despite the launch of $181m of new real estate schemes.

Saudi Arabia’s projects market declined by 0.6 per cent following the completion of $2bn-worth of industrial schemes and $2.2bn-worth of power projects. The Gulf’s largest projects market has finished 2014 with a 13.4 per cent year-on-year increase in value.

The UAE market dropped by 0.8 per cent as about $5bn-worth of real estate projects were thrown into question by volatile oil prices. In addition, $225m of infrastructure schemes were completed. Like other GCC countries, the UAE has had a buoyant 2014, gaining 12.9 per cent year-on-year.

Qatar’s projects market grew by 0.3 per cent as infrastructure and real estate projects made good progress in the country.

Iran, on the other hand, recorded a further $1.5bn-worth of losses, as a sanctions deal remains to be agreed. This brings the total decline to 4.1 per cent in its projects market in 2014.