2007 will go down as another exceptional year for project activity in the Gulf.
In the 12 months to the end of December, the total value of projects planned or under way surged by a third to $1.76 trillion, according to MEED Projects, as a result of robust oil prices, high government spending and unprecedented private sector investment.
Although the value of new projects has slowed in recent months, the backlog of work should ensure high activity for the foreseeable future.
TABLE: Gulf projects ($ trillion)
| 17 December 2007 | 10 December 2007 | % change on week | 17 December 2006 | % change on year | |
| Bahrain | 28,345 | 29,320 | -3.3 | 29,815 | -4.9 |
| Kuwait | 275,217 | 275,067 | 0.1 | 212,950 | 29.2 |
| Oman | 49,190 | 49,190 | 0.0 | 38,836 | 26.7 |
| Qatar | 156,357 | 155,107 | 0.8 | 128,625 | 21.6 |
| Saudi Arabia | 389,772 | 389,462 | 0.1 | 308,076 | 26.5 |
| UAE | 713,031 | 712,016 | 0.1 | 465,241 | 53.3 |
| GCC total | 1,611,912 | 1,610,162 | 0.1 | 1,183,543 | 36.2 |
| Iran | 121,778 | 120,043 | 1.4 | 102,883 | 18.4 |
| Iraq | 32,205 | 32,205 | 0.0 | 28,860 | 11.6 |
| Regional total | 1,765,895 | 1,762,410 | 0.2 | 1,315,286 | 34.3 |
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