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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