The Gulf Projects Index saw an expansion of 0.1 per cent in the week ending 16 December, as contractions in Saudi Arabia, Iran and Iraq were counteracted by expansions across the rest of the region.

The UAE and Oman saw the biggest growth, both increasing by 0.4 per cent. The UAE’s expansion came after 75 new projects were announced with a combined value of $3.6bn. The new schemes were mainly construction projects to build offices, apartments and mixed-use tower blocks.

Oman saw 97 new schemes added, with a total value of $5.5bn, while three projects were revived, further buoying the projects market by $211m. The new schemes include transport, construction and oil projects. Among them are two packages, each worth $2.2bn, to build a refinery as well as associated offsites and utilities south of Muscat. Weighing on the growth in Oman’s projects market was the completion of nine schemes worth a total of $461m.

Iran recorded the week’s biggest decline, with its projects market shrinking by 0.7 per cent and a total of $1.5bn wiped off its value. The drop comes as several large oil and gas projects have been cancelled.

Iraq’s projects market fell by 0.1 per cent to $403bn as the struggle between the jihadist group Islamic State in Iraq and Syria (Isis) and internationally supported government forces continued. Iraq has seen $115.8bn wiped off its projects market since Isis took Mosul in June, a year-on-year contraction of 22 per cent.

Saudi Arabia also saw a decline of 0.1 per cent, with $1.2bn wiped off its projects market as several transport and construction schemes were completed, put on hold or cancelled.

Four new projects worth a total of $427m were announced in the kingdom.