Strong growth in the Qatari and Iraqi projects markets resulted in the value of the Gulf projects index rising by 0.3 per cent to $2.43 trillion for the week up to 11 October.

The total value of projects planned or under way in Qatar increased by 0.6 per cent to $217bn. The reason for this was the addition of three real estate projects worth a total of $855m to the projects index. The largest of these is the estimated $500m phase 1c of the Musheireb urban regeneration project in Doha.

The UAE was the only other GCC state to record significant growth. The value of its projects sector increased by 0.4 per cent as eight new construction projects worth a total of $1.3bn were added to its index. The largest of these was state-owned Meraas Holding’s planned $544m Phoenix Mall project in Dubai.

The UAE index was also boosted by the revival of three projects worth a total of $1.4bn.

Saudi Arabia was the only market in the region to record a drop in its projects sector. The main contributor to the marginal decline of its index was the completion of a $3bn power plant project in Riyadh.

Outside the GCC, Iraq’s projects market grew by 0.8 per cent as a new $12bn seawater supply facility project was announced. Iraq maintains its position as the region’s fastest growing market, recording a 46 per cent year-on-year increase.

Iran’s projects sector grew by 0.2 per cent as three new projects worth a total of $1.1bn were added to its index. The biggest of these is a $518m oil export pipeline for the fourth export terminal in Basra.

The recession and the unrest continue to have an effect on the Gulf’s projects market, with the index down 14 per cent on the same period last year.