In the Gulf, only the Kuwaiti and Qatari markets continued to grow, albeit at a very modest rate of 0.2 per cent.

Oman’s portfolio of projects experienced the sharpest drop with a 6.6 decline in value.

Iran and Iraq outperformed the rest of the region with the value of projects planned or under way in the countries growing by 1.7 and 2.7 per cent respectively.

26 Jan 2009 ($m) 19 Jan 2009 ($m) % change on week 26 Jan 2008 ($m) % change on year
Bahrain 64,127 64,297 -0.3 27,821 130.5
Kuwait 306,660 306,002 0.2 274,597 11.7
Oman 95,921 102,742 -6.6 51,023 88.0
Qatar 220,671 220,273 0.2 156,192 41.3
Saudi Arabia 608,083 609,849 -0.3 400,882 51.7
UAE 1,214,308 1,231,724 -1.4 717,223 69.3
GCC total 2,509,770 2,534,887 -1.0 1,627,738 54.2
Iran 291,325 286,355 1.7 151,685 92.1
Iraq 144,406 140,606 2.7 33,465 331.5
Gulf total 2,945,501 2,961,848 -0.6 18,128,88 62.5

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