The MEED Projects index passed the $2 trillion for the first time in the week ending 17 March, following a 2.2 per cent increase in the value of schemes planned or under way in the Gulf.
Reflecting the buoyancy of the market, the index has doubled over the past two years and is up by 41 per cent year on year. Construction, which includes real estate, remains the dominant sector, accounting for more than 60 per cent of all projects.
Table: Gulf Projects ($ m)
17 March 2008 | 10 March 2008 | % change on week | 17 March 2007 | % change on year | |
Bahrain | 36,077 | 35,408 | 1.9 | 32,445 | 11.2 |
Kuwait | 265,372 | 265,161 | 0.1 | 231,085 | 14.8 |
Oman | 55,395 | 54,465 | 1.7 | 41,051 | 34.9 |
Qatar | 181,350 | 177,125 | 2.4 | 132,655 | 36.7 |
Saudi Arabia | 453,973 | 452,253 | 0.4 | 328,711 | 38.1 |
UAE | 770,887 | 738,882 | 4.3 | 521,841 | 47.7 |
GCC total | 1,763,054 | 1,723,294 | 2.3 | 1,287,788 | 36.9 |
Iran | 192,060 | 188,950 | 1.6 | 105,145 | 82.7 |
Iraq | 48,845 | 48,315 | 1.1 | 28,460 | 71.6 |
Regional total | 2,003,959 | 1,960,559 | 2.2 | 1,421,393 | 41.0 |
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