The Gulf index gained just 0.1 per cent in the week ending 30 April, as a GCC slowdown all but cancelled out other expansions.

Iran’s projects market recorded a gain of 2.4 per cent, or $4.5bn, as it looks ahead to the lifting of sanctions. The largest new scheme to be announced was the $2.7bn development of the Fars onshore gas fields. However, a full sanctions deal will have to be signed before the project can go ahead.

The market is now close to reaching a value of $194bn, but is still 44.5 per cent below its April 2010 high of $349bn.

Iraq recorded the second-largest rise of 0.3 per cent, or more than $1bn, despite a spate of fatal car bombings in Baghdad.

The overall GCC projects market fell by 0.1 per cent, with Oman recording the largest contraction. The sultanate’s projects market lost 0.5 per cent of its value due to project completions, rounding off a month of consecutive losses in which the market has fallen $865m since 27 March. However, it is still 11.6 per cent up year-on-year.

Saudi Arabia also recorded a 0.3 per cent decline as major schemes are reviewed due to low oil prices, cabinet reshuffles and a new edict meaning the royal court will have to approve all projects over $80m. However, essential schemes, especially in the housing and transport sector, are moving ahead.

Bahrain posted a 0.2 per cent gain as the GCC commits to funding its infrastructure projects to prevent the return of unrest.

Qatar’s projects market fell by 0.1 per cent on the cancellation of the Ras Laffan desalination plant. Doha is focusing on schemes essential to the 2022 World Cup.

The UAE’s market grew by 0.1 per cent, stabilising after more than two months of falls, which have wiped more than $41bn from its value since February.