Growth in Saudi Arabia and Iran has contributed in the Gulf projects index growing for the fourth successive week. For the week up until 25 October, the total value of projects planned or underway in the Gulf rose to $2.5 trillion.

The GCC, which accounts for about 73 per cent of the total market, saw the value of its projects market grow by 0.2 per cent. Saudi Arabia, the region’s biggest projects market, grew by 0.4 per cent to $632.8bn as four new projects worth a total of $2.4 billion were added to its index. The largest new addition to its projects sector is the estimated $1.8bn Rabigh 2 independent power project for the Saudi Electricity Company.

The UAE recorded a 0.2 per cent increase in the value of its projects markets, while that of Oman increased by 0.1 per cent. Oman’s growth was due to the launch of seven new projects worth a total of $565m joining the index and an increase in the Duqm refinery project budget by $1bn.

The growth in the UAE’s projects sector was a result of the addition of 12 new projects worth $925m to its index and a $2bn increase in the budget of Ipic’s Fujairah refinery project.

Outside the GCC, Iran’s projects sector grew by 0.3 per cent as its Energy Ministry launched a new $500m wind-farm project.

Iraq did not fare so well, with its index recording the biggest drop in the region. The value of its projects sector fell by 0.6 per cent after an estimated $3bn tourist city project in Najaf was put on hold. Despite the drop, Iraq maintains its position as the region’s fastest growing projects market, recording a 51.6 per cent year-on-year increase.

The Gulf index is down by 12.9 per cent on the same period last year, but the fourth successive week of growth may signal that it is starting to witness a recovery.