Strong growth in Kuwait’s projects market contributed to the value of the Gulf Projects Index increasing by 0.3 per cent in the week up to 29 April, despite a sharp fall in Oman’s index.

The value of schemes planned or under way in Kuwait rose by 3.4 per cent to reach $207.4bn. The main reason for the growth was the revival of its estimated $7bn metro project, which previously stalled as it was removed from the country’s public-private partnership body, the Partnerships Technical Bureau.

Kuwait’s projects market has enjoyed a strong year to date, with the value of its projects index up 10 per cent year-on-year.

Bahrain, the region’s smallest projects market, recorded a 2 per cent rise, as a new estimated $1bn liquefied natural gas train investment was added to its index. 

The value of projects planned or under way in Saudi Arabia, the region’s biggest market, grew by 0.2 per cent. The growth was mainly as a result of the revival of a multibillion-dollar water transmission scheme, in addition to the launch of new road projects worth a total of $546m. The kingdom is the Gulf’s fastest-growing projects market, up 19.1 per cent on the same period in 2013.

Oman recorded the biggest fall, with the value of schemes planned or under way decreasing by 2.4 per cent to $147bn. The decline was due to the completion of $1.3bn-worth of infrastructure projects in the sultanate. Despite the drop, Oman’s index is up 8.4 per cent on this time last year.

Outside the GCC, the value of Iraq’s projects market increased by 0.8 per cent to reach $529bn. The growth was due to the launch of $4.8bn of new schemes, which included $4bn-worth of projects in the oil and gas sector. Iran’s projects market remained flat at $217bn.