It was the Iraqi and UAE projects markets that drove the growth, with Iraq’s portfolio of projects growing by 11.5 per cent.

The value of projects planned or under way in the UAE increased by 5.1 per cent to $1.25 trillion.

Meanwhile, the value of Qatari projects was unchanged and Iran’s project portfolio contracted by 0.4 per cent.

Table: Gulf Projects ($m)

20 Oct 2008 13 Oct 2008 % change on week 20 Sep 2007 % change on year
Bahrain 51,888 51,700 0.4 28,870 79.7
Kuwait 297,514 295,954 0.5 248,592 19.7
Oman 99,457 99,057 0.4 47,896 107.7
Qatar 202,826 202,826 0.0 145,250 39.6
Saudi Arabia 599,721 598,038 0.3 381,118 57.4
UAE 1,205,333 1,147,195 5.1 685,432 75.9
GCC total 2,456,739 2,349,770 2.6 1,537,158 59.8
Iran 279,501 280,501 -0.4 107,880 159.1
Iraq 97,206 87,206 11.5 29,452 230.0
Gulf total 2,833,446 2,762,477 2.6 1,674,490 69.2

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