The increase was driven by the Qatari and Iraqi markets, which recorded a growth of 2.8 per cent and 11.8 per cent respectively.

The $4bn rise in the value of Iraqi projects was triggered by signs of renewed activity around South Oil Company’s West Qurna field development scheme.

Table: Gulf projects ($m)

18 February 2008 11 February 2008 % change on week 18 February 2007 % change on year
Bahrain 28,029 28,155 -0.4 32,670 -14.2
Kuwait 262,772 265,772 -1.1 230,050 14.2
Oman 52,885 52,433 0.9 42,381 24.8
Qatar 163,856 159,356 2.8 132,655 23.5
Saudi Arabia 401,039 400,242 0.2 314,386 27.6
UAE 727,233 726,183 0.1 492,477 47.7
GCC total 1,635,814 1,632,141 0.2 1,244,619 31.4
Iran 191,265 190,765 0.3 102,848 86.0
Iraq 37,765 33,765 11.8 28,460 32.7
Regional total 1,864,844 1,856,671 0.4 1,375,927 35.5

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