The Gulf Projects Index grew slightly by 0.2 per cent to reach $3.19 trillion for the week up to 12 November, led by three countries posting marginal gains.

The markets of the UAE, Qatar, and Iraq each rose by 0.3 per cent as they continued their strong performance this year. The growth in the UAE’s projects market this week was driven by the launch of phase 1 of International Petroleum Investment Company’s (Ipic’s) project to set up a refinery in Fujairah to blend crude from various sources in the Middle East.

Phase 1 of the scheme, which involves the construction of process units and infrastructure, has a total value of $3.5bn.

With its project market up 31.9 per cent so far this year, the UAE has now nudged ahead of Saudi Arabia as the fastest-growing market in the GCC.

Much of the UAE’s growth has been fuelled by the rebound in the real estate sector, especially in Dubai, which has given developers confidence to launch new projects and revive schemes that were on hold.

Qatar’s projects market was boosted by the launch of eight new projects worth a total of $769m. The country’s index has risen by 26 per cent this year, underpinned by its preparations to host football’s Fifa World Cup in 2022.

Iraq also continued its strong growth this week with the launch of two oil and power projects worth a total of $850m. Iraq’s projects sector has soared by 86.5 per cent from the same period last year.

Saudi Arabia, the region’s largest projects market, saw a slight rise of 0.2 per cent this week due to the launch of six new projects worth a total of $246m.

Elsewhere in the region, Kuwait and Oman saw marginal declines, while the markets in Bahrain and Iran remained unchanged.