Between 19 and 26 August the Gulf Index saw its biggest weekly decline since September 2012 as the index dropped by 0.9 per cent, and the regions project market lost more than $31bn in value.
All markets declined apart from those of Qatar and Saudi Arabia, which both saw muted gains.
The worst performer by per cent change was Iraq, which dropped by 2.7 per cent as $13bn was wiped off its project market.
The contraction was driven by oil and construction projects that were put on hold due to political instability and ongoing fighting.
|Project Name||Project Status|
|Kuwait||Sabah al-Salem University: Academic support buildings||Main contract bid|
|Oman||Oman National Railway: phase 1 section 1||Main contract bid|
|Qatar||Fox Hills housing complex in Lusail||Execution|
|UAE||Etihad Railway Network: Phase 2: Package C||Main contract bid|
|For further information visit www.meed.com/meedprojects|
Jihadist group Islamic State in Iraq and Syria (Isis) continues to occupy a third of the country, including Mosul, Iraqs second biggest city.
In June it announced it had formed an Islamic caliphate in an area straddling Iraq and Syria. Since then it has largely thwarted Baghdads Western-backed efforts to claw back lost cities.
UAE was the second largest decliner over the week dropping by 2.4 per cent, its biggest drop in more than a year.
|Upcoming tender deadlines|
|Oman||Oman Power & Water Procurement Company||Qurrayat water project||Sep-14|
|Saudi Arabia||Mecca Municipality||Mecca Metro: phase 1||Sep-14|
|UAE||Dubai Electricity & Water Authority||M station expansion||Sep-14|
|Kuwait||Ministry of Electicity & Water||Overhead lines – various locations||Sep-14|
|Oman||Transport & Communications Ministry||Batinah Expressway: package 8||22-Sep|
|For further information visit www.meed.com/tenders|
The drop came as a raft of construction projects saw changes to their budgets and a number of transport and water projects were completed.
Omans project market contracted by 0.7 per cent as some speculative projects in the industrial sector were shelved.
Saudi Arabia expanded by 0.2 per cent boosted by new residential projects and Qatar expanded by 0.3 per cent, buoyed by changes to the Al-Sejeel Petrochemical Complex project. The partners behind the package confirmed that there would be a $1bn offsites and utilities package.
Kuwait dropped by 0.3 per cent over the week and Bahrain, the regions smallest project market, remained unchanged.
Biggest contract: $68m
Al-Hassan wins $68m piping deal to expand Omans Sohar refinery
Value of major contract awards: $68m
Number of contracts awarded: 1