The Gulf Projects Index saw an increase of 0.1 per cent in the week ending 21 October, with Qatar leading the gains.

Qatar recorded an expansion of 3.4 per cent, adding $9.3bn to its projects market over the week as 53 new schemes worth a total of $12.1bn were announced.

About 45 of the new projects are construction schemes, including residential, commercial and mixed-use buildings. Other projects are in the transport and power and water sectors.

The region’s second-biggest gainer was the UAE, which expanded by 0.6 per cent, adding $4.5bn to its projects market.

The UAE announced 101 new schemes worth a total of $4.7bn over the week. The new projects were in the construction, power and water, and oil industries.

Saudi Arabia, the region’s largest projects market, saw the third-biggest expansion, growing by 0.3 per cent.

Meanwhile, the non-GCC members of the Gulf index weighed on the region’s total, with Iran and Iraq seeing the largest contractions in their projects markets. Iran recorded a decline of 2.7 per cent, as the value of projects planned and under way fell by $6.2bn, while Iraq saw a 1.6 per cent contraction, as $6.8bn was wiped off its market.

Some $95.2bn-worth of schemes have been removed from Iraq’s projects market since the jihadist group Islamic State in Iraq and Syria swept through the country in June.

The main factor behind the latest decline in Iraq’s projects market is the decision to put the $7bn Baghdad airport expansion on hold due to the ongoing fighting. The project was due to increase the airport’s capacity from 7.5 million to 15 million passengers a year.