Saudi Arabia and Qatar were the only two countries to not record a drop in the value of their projects markets as the Gulf Projects Index fell for the third consecutive week.

The index fell by 0.1 per cent to $2.4 trillion for the week up to 27 September.

Saudi Arabia’s market grew by more than 1 per cent as the estimated $7bn Saudi Landbridge rail project was revived and four new projects worth a total of $250m were added to its index. Qatar’s market rose by 0.2 per cent as it launched two new construction projects worth $375m.

Oman’s projects market recorded the biggest drop of the week, with the total value of projects planned or under way falling by 1 per cent. The reason for the drop was a $950m beach resort in the Batinah region being put on hold and the completion of two power projects worth $209m.

The GCC index as a whole fell by 0.2 per cent for the week.

The UAE recorded the second biggest drop, with its projects index falling by 0.5 per cent. The decrease was caused by the cancellation of a $1bn water sewage treatment project in Abu Dhabi and nine projects worth $3.9bn being put on hold. The largest project to be put on hold was a $1bn Nakheel project on Dubai Waterfront.

The total value of projects in Bahrain fell by 0.3 per cent as two construction projects worth more than $1.6bn were completed.

Outside the GCC, the value of Iran and Iraq’s projects markets decreased by 0.1 per cent. Iran’s projects market declined as a $450m hotel development was put on hold, while the value of projects under way in Iraq fell as a $400m power plant project in Dahuk was completed.

Iraq maintains its position as the region’s fastest growing market, recording a 49 per cent year-on-year increase.