The Gulf Projects Index rose by less than 0.1 per cent in the week ending 11 November. Although GCC countries showed an increase of 0.3 per cent, losses in Iraq and Iran cancelled out most of the growth.

Oman saw the largest rise of 1.1 per cent, due to an agreement inked on the $650m Ras al-Hadd tourism scheme. Progress on the Duqm port project and 39 new construction schemes also contributed to a strong week. The $1.6bn-worth of additional projects continues a good year for Oman, with a year-on-year increase of 1.4 per cent.

Kuwait’s projects market grew 0.6 per cent due to the expansion of Kuwait International Airport and other transport projects. Bids have been submitted for the terminal building and companies are prequalifying for runway contracts.

Saudi Arabia, the region’s largest projects market, saw a modest rise of 0.3 per cent. The transport, oil and gas, and chemicals industries had a strong week, with Sabic announcing the $450m expansion of its Petrokemya plant in Jubail. However, the completion of several large construction projects balanced out these gains.

Qatar recorded a 0.5 per cent increase in the value of its projects, as preparations for the 2022 World Cup continue. The UAE had a mixed week, with only a 0.1 per cent growth in its projects market, as the completion of Dubai’s $1.1bn tram scheme cancelled out gains from real estate projects.

Iran’s projects market shrank by 0.4 per cent due to a transport scheme being put on hold. The value of its projects market has fallen by $13bn in the past year as nuclear negotiations drag on.

Iraq continues to cancel and put schemes on hold, as jihadist militants retain control of large areas of the country. The projects market contracted by 1.4 per cent, with the biggest loss in the energy sector.