The Gulf projects market is starting to show some signs of stabilising as the total value of projects planned or under way in the Gulf remained flat at $2.52 trillion for the week up until 10 May.

The projects index has fallen steadily from $2.63 trillion on 12 January as anti-government protests have swept through the region.

One of the key reasons for the stabilisation of the Gulf index was the lack of movement in the Bahrain market, which has fallen by about $17bn since protests began in early March. The total value of projects in Bahrain remained flat at $63.7bn.

The halt in the decline of Bahrain’s market allowed growth of 0.1 per cent in the GCC projects market. Kuwait’s projects market recorded the largest increase in the Gulf region. The total value of projects planned or under way grew by 0.4 per cent to $157bn. The rise can be attributed to four new construction projects worth a total of $400m announced by the Public Authority of Agriculture Affairs & Fish Resources.

The UAE’s projects market grew by 0.1 per cent as a $100m hospital project in Abu Dhabi and a $190m tunnels project in Dubai were launched.

Qatar was the only market in the GCC to record a decline in its project index. Its projects market shrank by 0.2 per cent as a $450m offshore project was completed and a $60m office building development was the only new project to be announced.

Outside the GCC, Iran’s projects market declined by 0.1 per cent after a $1.2bn gas project was completed. The budget for a dam project was also reduced by $1bn. Iraq’s market remained flat, but maintains its position as the region’s fastest growing projects market, recording a 19 per cent year-on-year increase.