The Gulf Projects Index recorded growth of 0.5 per cent for the week up to 27 February, driven by the significant 6 per cent rise in the value of Kuwait’s projects market, as well as increases elsewhere in the GCC.

Following the approval of a new five-year plan, which mainly revives older stalled schemes, Kuwait’s project market jumped $13bn, to reach $230bn, its highest level since 2010. The $116bn plan includes major infrastructure improvements in oil and gas, utilities, transport and housing.

Saudi Arabia, the region’s largest projects market, posted a 0.7 per cent rise following confirmation that work will go ahead on the $9bn-plus Jizan Refinery and associated projects. Further investment in infrastructure and housing projects also contributed to the rise.

Bahrain and Oman both recorded increases of 0.4 per cent in their indices based on strong real estate markets. Oman is also investing in tourism developments.

The UAE, meanwhile, saw its project market drop 0.8 per cent, as a result of a slowdown in the real estate sector.

The value of its projects market fell below $800bn for the first time since October 2014. This is despite the award of a $590m deal to the UK/local contractor Al-Futtaim Carillion for Meraas’ La Mer and Dubai Creek Waterfront projects, and progress on plans to build new Dubai creek crossings and the $1.3bn Fujairah refinery.

The value of Qatar’s projects market rose by less than 0.1 per cent as the country reins in an overheated construction market. However, awards on the Doha Metro mean key projects are still moving forward in preparation for the World Cup in 2022.

Iraq recorded a 0.1 per cent rise as the central government pushes ahead with housing and infrastructure schemes.