The biggest increase was recorded in Qatar, where a near doubling in the cost of Qafco 5 to $3bn helped push up the total value of projects by 4 per cent.

In contrast, Saudi Arabia suffered the biggest fall, as a result of the $11bn Jeddah Hills development being shelved.

TABLE: Gulf projects ($m)

12 November 2007 5 November 2007 % change on week 15 October 2007 % change on year
Bahrain 29,020 28,870 0.5 28,880 0.5
Kuwait 261,132 261,132 0.0 248,592 5.0
Oman 47,546 47,546 0.0 47,446 0.2
Qatar 153,369 147,419 4.0 143,844 6.6
Saudi Arabia 374,879 383,379 -2.2 367,818 1.9
UAE 711,016 711,160 0.0 669,303 6.2
GCC total 1,576,962 1,579,506 -0.2 1,505,883 4.7
Iran 109,180 105,880 3.1 107,940 1.1
Iraq 32,437 32,452 0.0 29,452 10.1
Regional total 1,718,579 1,717,838 0.0 1,643,275 4.6

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