The Gulf Projects Index fell by 0.4 per cent on the last week of 2015 to reach about $3.2 trillion.

Oman’s projects market experienced the sharpest fall, at 2 per cent, as a result of more than $350m-worth of completed projects, $200m turned inactive, and a major industrial scheme – the $3bn gas-based steel plant in Dhofar – being put on hold. The steel plant was to be developed by a joint venture of Oman Oil Company (OOC) and the Steel Authority of India.

Iran’s projects market index fell by 1 per cent, despite the revival of the $1.3bn Pars condensate refinery and an upward budget adjustment for the Chabahar crude oil and urea port, which will be jointly developed with the Indian government.

Iran’s negative performance on the week ending 31 December is attributed mainly to the completion of $3.4bn-worth of projects, led by the $2.5bn Persian Gulf Star condensate refinery in the Islamic state’s Hormozgan province, as well as the placing on hold of a proposed low-density polyethylene (LDPE) plant in Khuzestan and a mining plant in Razavi Khorasan province.

The UAE’s index contracted by 0.7 per cent. While nearly $1.4bn-worth of new projects were inducted into its index in the last week of 2015, the same value of projects were completed, including the second phase of the Hidd al-Saadiyat in Abu Dhabi.

The status of nearly $5bn-worth of projects in the UAE was also changed to inactive due to the absence of any recent developments. A further $1bn-worth of projects was also put on hold.

Kuwait’s projects market remained largely flat. Section B of the Sabah al-Ahmed Township led the list of projects completed on the last week of 2015, while seven new projects including IFA Hotels & Resort’s $450m Dubaiyah Beach and Vacation Club were introduced into the state’s projects market.