Strong growth in the value of Iraq’s projects market offset a drop in the GCC market to ensure that the Gulf Projects index remained stable at $2.48 trillion for the week up to 15 November.

Iraq’s projects market grew by 0.8 per cent as a $2.6bn project to upgrade the Mosul dam was added to its projects index. The launch of an estimated $100m real-estate project in Irbil also added to the growth of the country’s projects market.

The total value of the GCC projects market, which accounts for about 72 per cent of the total Gulf market, fell by 0.1 per cent to $1.8 trillion.

Declines in Oman, the UAE and Qatar of 0.8 per cent, 0.4 per cent and 0.1 per cent respectively contributed to the decrease in the market’s value.

The fall in the value of Oman’s projects market was the result of a private real-estate development being put on hold and a reduction in the budget of a petrochemicals production facility in Salalah.

The total value of projects planned or under way in the UAE decreased to $604bn as seven projects, worth a total of $1.6bn, were put on hold and four projects, worth a total of $1.3bn, were completed.

The biggest project to be put on hold was an estimated $1bn mixed-use project planned for Sowwah Square in Abu Dhabi.

The total value of projects planned or under way in Qatar dropped by 0.1 per cent as a $275m mall project planned for the Lusail development was put on hold.

It was not a completely negative picture for the GCC, with Kuwait recording a 0.4 per cent increase in the value of its projects market. The addition of two construction projects worth a total of $124m contributed to this growth.