A strong performance from the projects markets in Kuwait and Iran resulted in the Gulf Projects Index remaining flat at $2.58 trillion for the week up until 14 June.

The total value of projects planned or under way in Kuwait increased by 0.6 per cent as two power schemes worth a total of $700m, $160m of pipeline projects, and $150m of industrial projects were added to the country’s index.

Apart from Kuwait, Oman was only other GCC state to record an increase in the value of its projects market. The announcement of two water injection projects worth a total of $100m resulted in Oman’s index increasing 0.1 per cent.

Qatar recorded the largest decrease in the value of projects planned or under way in the GCC as its projects market fell by 0.4 per cent. The drop was caused by the completion of $993m of projects, and the only gain was the revival of a $123m construction project.

The UAE’s projects market declined by 0.1 per cent as a result of projects reaching completion or being put on hold. Four projects worth $894m were halted and a $1bn diesel project developed by Abu Dhabi Oil Refining Company (Takreer) was removed from the index after it was completed.

Outside the GCC, Iran’s projects markets grew by 0.3 per cent as plans to build a $1bn copper plant were announced. A new $100m oil and gas project was also added to the country’s index.

Iraq’s projects market remained flat, but the state remains the region’s fastest-growing projects market, recording a 36 per cent year-on-year increase.

Overall, the region is still feeling the effect of the political turmoil as the Gulf projects market is down 12.2 per cent on the same period last year. The GCC projects market, which accounts for 72 per cent of the total Gulf market, recorded a 19.2 per cent year-on-year increase.