The MEED Projects index of schemes planned or under way in the Gulf kicked off 2008 with a 1.3 per cent increase to $1.78 trillion.
Unlike in 2007, when GCC states drove the index's high growth, it was Iran's turn to fuel the increase: in the three weeks to 7 January, the total value of Iranian projects increased by 15.4 per cent as a result of a series of major oil, gas, transportation and industrial schemes. By its standards, Iran also experienced strong growth.
TABLE: Gulf projects ($m)
7 January 2008 | 17 December 2007 | % change on week | 7 January 2007 | % change on year | |
Bahrain | 27,901 | 38,345 | -1.6 | 32,045 | -12.9 |
Kuwait | 274,967 | 275,217 | -0.1 | 212,440 | 29.4 |
Oman | 50,715 | 49,190 | 3.1 | 39,106 | 29.7 |
Qatar | 156,732 | 156,357 | 0.2 | 132,325 | 18.4 |
Saudi Arabia | 390,172 | 389,772 | 0.1 | 308,101 | 26.6 |
UAE | 714,516 | 713,031 | 0.2 | 473,482 | 50.9 |
GCC total | 1,615,003 | 1,611,912 | 0.2 | 1,197,499 | 34.9 |
Iran | 140,566 | 121,778 | 15.4 | 103,213 | 36.2 |
Iraq | 33,450 | 32,205 | 3.9 | 28,460 | 17.5 |
Regional total | 1,789,019 | 1,765,895 | 1.3 | 1,329,172 | 34.6 |
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