The recent modest rises are in sharp contrast to earlier in 2007, when weekly increases of $30-40bn were common.

Spiralling costs are largely to blame for the slowdown. However, some sectors have been hit by other issues. In the industrial and petrochemical sectors, the lack of new gas supplies is stifling the development of new projects.

TABLE: Gulf projects ($million)

10 December 2007 3 December 2007 % change on week 10 December 2006 % change on year
Bahrain 29,320 29,320 0.0 29,815 -1.7
Kuwait 275,067 274,692 0.1 212,950 29.2
Oman 49,190 49,190 0.0 39,416 24.8
Qatar 155,107 157,097 -1.3 127,215 21.9
Saudi Arabia 389,462 389,162 0.1 307,076 26.8
UAE 712,016 710,132 0.3 416,501 71.0
GCC Total 1,610,162 1,609,593 0.0 1,132,973 42.1
Iran 120,043 119,903 0.1 102,883 16.7
Iraq 32,205 32,455 -0.8 28,860 11.6
Gulf Total 1,762,410 1,761,951 0.0 1,264,716 39.4

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