The highest growth was in Iran, where the total value of projects planned or under way rose by 3.2 per cent.

All other Gulf markets also ended the week in positive territory, with a 0.8 per cent increase in the UAE, leaving the federation on the verge of crossing the $1 trillion mark for the first time.

Table: Gulf Projects ($m)

22 Sep 2008 15 Sep 2008 % change on week 17 Sep 2007 % change on year
Bahrain 44,769 44,231 1.2 31,495 42.1
Kuwait 296,219 296,319 0.0 253,122 17.0
Oman 96,414 95,955 0.5 46,316 108.2
Qatar 206,943 205,248 0.8 142,536 45.2
Saudi Arabia 570,437 567,652 0.5 364,908 56.3
UAE 980,728 973,117 0.8 667,044 47.0
GCC total 2,195,510 2,182,522 0.6 1,505,421 45.8
Iran 271,881 263,411 3.2 106,845 154.5
Iraq 82,426 82,324 0.1 28,252 191.8
Gulf total 2,549,817 2,528,257 0.9 1,640,518 55.4

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