The Gulf Projects Index remained unchanged at $3.2 trillion in the week up to 14 January, with Iraq, Kuwait and Saudi Arabia the only projects markets to record a rise in value.

In the GCC, Qatar recorded the sharpest fall, with the value of schemes planned or under way dropping 0.8 per cent, as six projects worth a total of $2.9bn were completed. The largest of these was Qatar Foundation’s $2.3bn Sidra Medical Care & Research Centre, which was built by a joint venture of the US’ Contrack International and Spain’s OHL.

The completion of the schemes was partly offset by the launch of three new projects, the largest of which is the local Barwa Real Estate’s $549m scheme to build the Baraha Motor City in the industrial area of Doha.

The UAE recorded the second-biggest fall in the region, with the value of projects planned or under way declining by 0.3 per cent. Five schemes worth a total of $2.5bn were completed, the largest of which is Abu Dhabi Gas Industries’ $2.2bn project to build a new natural gas liquids fractional plant in Ruwais.

Saudi Arabia, the region’s largest projects market, gained 0.1 per cent, as nine new schemes worth a total of $800m were launched during the week.

Outside the GCC, Iraq recorded a second consecutive week of growth, rising 1 per cent due to the launch of four new projects worth $1.5bn. Another major development affecting the market positively was the revival of a $4.5bn oil pipeline project.

Iraq is the fastest-growing market in the region, with the value of its projects market up 83.9 per cent year-on-year. By contrast, Iran, the other non-GCC country in the index, has recorded the largest fall in the region, dropping 18.6 per cent in the past 12 months.