Saudi Arabia was the only declining market across the region, losing 1.1 per cent on the value of projects planned and under way in the country. By contract, Oman’s project portfolio expanded by 1.1 per cent. The total value of projects on hold is almost $623bn and the index is down 8.9 per cent on the previous year.

Value of projects planned or under way in the Gulf
  Value of projects planned and under way on 15 February 2010 ($m) Value of projects planned and under way on 8 February 2010 ($m) % change on week Value of projects planned and under way on 15 February  2009($m) % change on year Value of on hold projects on 15 February 2010 ($m)
Bahrain 68,502 68,447 0.1% 68337 0.2% 13,113
Kuwait 268,745 268,145 0.2% 308,139 -12.8% 45,093
Oman 106,022 105,362 0.6% 108,773 -2.5% 6,560
Qatar 220,315 221,710 -0.6% 223,494 -1.4% 9,837
Saudi Arabia 653,641 653,777 0.0% 629,174 3.9% 53,008
UAE 963,420 965,605 -0.2% 1,304,942 -26.2% 468,132
GCC total 2,280,645 2,283,046 -0.1% 2,642,859 -13.7% 595,743
Iran 315,117 314,967 0.0% 293,875 7.2% 4,800
Iraq 210,486 207,386 1.5% 155,106 35.7% 21,000
Gulf total 2,806,248 2,805,399 0.0% 3,091,840 -9.2% 621,543
Source: MEED Projects