The Gulf Projects Index rose 0.1 per cent in the week up to 17 July, led by growth in Kuwait and the UAE.

Kuwait was the biggest gainer of the week, as the value of schemes planned or under way increased by 0.4 per cent. The growth was largely due to the launch of a plan by the Ministry of Electricity & Water to spend $1bn to expand two power plants in Subiya.

Kuwait’s projects market has enjoyed a strong year and is now the fastest-growing projects market in the Gulf region, with the value of its index up 22.4 per cent year-on-year.

The UAE’s projects index rose by 0.3 per cent, driven by the launch of a $560m scheme by the Sheikh Zayed Housing Programme. The country’s projects sector also got a boost from the launch of a $275m scheme by the local Damac Properties to build 90 apartments at its Akoya Golf Community development in Dubai.

Qatar grew by 0.1 per cent due to the launch of 23 new projects, the largest of which is a $94m scheme by the Qatar Olympic Committee to build a multipurpose hall at Al-Sadd Sports Club.

Saudi Arabia, the region’s largest projects market, fell by 0.1 per cent due to the completion of a $320m scheme to build the 727-room Al-Saheefa Hotel in Mecca. Despite the decline, the kingdom’s projects market has performed well this year, rising 20.3 per cent year-on-year.

Outside the Gulf, Iraq’s projects market rose 0.2 per cent as the value of the Industry & Minerals Ministry’s Basra steel mill complex scheme was revised upwards by $700m.

Iran’s projects index decreased by 0.1 per cent as Iranian Central Oil Fields Company put its $500m Halegan gas refinery scheme and $500m Halegan field development on hold.