The Gulf Projects Index grew 0.2 per cent in the week ending 12 November following significant contractions the previous week.

The biggest contraction was in Bahrain’s market, with only two new projects, including a$250m expansion to a gas pipeline in Sitra, added to the index this week. The index was also brought down by little activity in the $1bn Bapco Bahrain Petrochemicals Complex.

Qatar’s projects market increased slightly by 0.3 per cent with approximately $900m of new projects being added to the index. Budget changes to a number of major schemes, amounting to approximately $900m, has brought down the weekly index after remaining flat last week

A 5.4 per cent year-on-year gain for the UAE was boosted by a 0.8 per cent increase this week, as $6.5bn-worth of projects were added to the UAE market. This mostly comprised the $5bn mixed-use Aldar Yas Island South Yas schem in Abu Dhabi and the Nshama al-Fursan residential and retail project in Dubai’s Healthcare city. The market grew despite several budget changes, including to the Aldar Yas Island development.

Oman’s year-on-year growth of 12.5 per cent was dented by a contraction of 0.3 per cent, mainly due to new projects being added to its market this week and budget changes made to approximately $500m worth of projects.

Following major declines the past couple of weeks, including the inactivity of Saudi Arabia’s KA-Care renewables programme, the kingdom fell 0.1 per cent as state control on capital spending and the projects market continue.

Iraq and Iran gained 0.2 per cent and 0.3 per cent respectively. Iran’s market continues its 10.9 per cent year-on-year growth with the addition of the $1.5bn Miyaneh combined-cycle power plant to its market this week.