A 6.1 per cent rise in the value of projects planned and under way in Bahrain and a 1 per cent hike in the UAE’s portfolio was more than enough to offset declines in both the Kuwaiti and Qatari markets.

So far, the global credit crunch has had little impact on the index, although this may change in the coming weeks if the regional bank finance market tightens further.

Table: Gulf Projects ($m)

6 Oct 2008 29 Sep 2008 % change on week 29 Sep 2007 % change on year
Bahrain 47,504 44,769 6.1 28,795 65.0
Kuwait 295,954 296,274 -0.1 248,592 19.1
Oman 99,057 98,341 0.7 47,411 108.9
Qatar 201,893 206,943 -2.4 145,994 38.3
Saudi Arabia 571,234 571,184 0.0 367,743 55.3
UAE 992,212 982,578 1.0 661,960 49.9
GCC total 2,207,854 2,200,089 0.4 1,500,495 47.1
Iran 272,451 271,521 0.3 104,290 161.2
Iraq 83,076 82,426 0.8 29,452 182.1
Gulf total 2,563,381 2,554,036 0.4 1,634,237 56.9

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