The launch of what is billed as the UAE’s largest real estate development resulted in the MEED Projects index exceeding $2.1 trillion for the first time in the week ending 14 April.
The 3.1 per cent rise in the total value of projects planned or under way in the Gulf was almost entirely due to the $54bn Mohammed bin Rashid gardens project being unveiled in Dubai. The new city scheme also cements the UAE’s position as the Gulf’s leading projects market.
Table: Gulf Projects ($ m)
| 14 April 2008 | 7 April 2008 | % change on week | 13 April 2007 | % change on year | |
| Bahrain | 33,507 | 33,507 | 0.0 | 32,035 | 4.6 |
| Kuwait | 269,238 | 268,987 | 0.1 | 236,170 | 14.0 |
| Oman | 59,594 | 58,014 | 2.7 | 41,341 | 44.2 |
| Qatar | 190,205 | 190,205 | 0.0 | 134,910 | 41.0 |
| Saudi Arabia | 460,568 | 460,488 | 0.0 | 322,801 | 42.7 |
| UAE | 848,218 | 786,922 | 7.8 | 530,339 | 59.9 |
| GCC total | 1,861,330 | 1,798,123 | 3.5 | 1,297,596 | 43.4 |
| Iran | 201,790 | 201,540 | 0.1 | 109,155 | 84.9 |
| Iraq | 51,800 | 51,800 | 0.0 | 28,462 | 82.0 |
| Gulf total | 2,114,920 | 2,051,463 | 3.1 | 1,435,213 | 47.4 |
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