Iraq’s projects market saw the biggest gain this week on the Gulf Projects Index in the week ending on 15 January, according to data from regional projects tracker MEED Projects.

The revival of the $6.5bn Maysan oil refinery enabled Iraq’s market to make gains of 1 per cent.

In numbers

32 Number of new projects in the UAE

$2.3bn Value of stalled or completed projects in Saudi Arabia

$6.5bn Value of Maysan oil refinery in Iraq

The overall index witnessed a 0.1 per cent gain this week, while the GCC markets remained stable with no changes.

Bahrain saw a 0.1 per cent increase in its projects market as $71m-worth of new projects are launched and revived with no completed or cancelled projects bringing down the week’s total.

Projects planned or under way 15 January 2016
Country 15-Jan-16 08-Jan-16 % change on week 29-Dec-14 % change on year
Bahrain 71,910 71,851 0.1 61,564 16.7
Kuwait 256,338 256,435 0.0 219,243 17.0
Oman 167,245 167,493 -0.1 152,984 9.5
Qatar 275,320 275,698 -0.1 286,276 -3.7
Saudi Arabia 1,001,285 1,001,929 -0.1 1,207,138 -17.0
UAE 855,405 854,025 0.2 811,425 5.3
GCC 2,627,503 2,627,431 0.0 2,738,630 -4.1
Iran 258,193 258,558 -0.1 194,062 33.2
Iraq 356,475 353,405 0.9 405,376 -12.8
Gulf Total 3,242,171 3,239,394 0.1 3,338,068 -3.0
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Saudi Arabia’s market contracted by 0.1 per cent as $2.3bn-worth of projects were either completed or put on hold, including the decision by Saudi Arabia’s Finance Ministry instructing the local Saudi Binladin Group (SBG) to stop work on the expansion of the Prophet’s Mosque in Medina.

Project updates this week
Country Project Name Status
Iran Mahabad petrochemical complex: LDPE/HDPE Complete
Qatar Sheraton Park Complete
Saudi Arabia Yanbu North Jeddah products pipeline New project
UAE Jebel Dhanna hotel complex New project
UAE Umm al-Qwain independent water project New project
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The UAE market, on the other hand, witnessed a 0.2 per cent gain as $3.3bn-worth of projects entered the market, including the $450m Jebel Dhanna Hotel complex in Abu Dhabi.