The Gulf Projects Index rose 0.2 per cent in the week up to 10 July, led by a strong performance by Kuwait.

Kuwait was the biggest gainer of the week, as the value of its schemes planned or under way grew by 5.7 per cent. The increase was due to a proposal by Kuwait Municipality and the Kuwait Institute for Scientific Research to build a $10bn 20GW renewable energy park west of Kuwait city. If the project goes ahead, it would be one of the largest solar energy facilities in the world.

Kuwait’s projects market also received a boost from the launch of phase one of the $2bn Al-Khiran independent water and power project. The country has enjoyed a strong year and is now the fastest-growing projects market in the Gulf region, with the value of its projects index up 23.1 per cent year-on-year.

Saudi Arabia, the region’s largest projects market, rose by 1.1 per cent, driven by the Finance Ministry’s plan to build a $10bn mixed-use development in Medina. 

Qatar posted the biggest drop in the index, as the value of schemes planned or under way fell by 2.2 per cent. This was largely due to the cancellation of the local Barwa Real Estate’s $5.5bn Oryx Island project.

Outside the GCC, Iran’s projects market rose 1.6 per cent due to the revival of a $4bn project by the local Masjed-e Soleiman Petrochemical Company to set up a fertiliser firm near Ahwaz in the south of the country.

Iraq’s projects index remained unchanged as a $611m upward revision in the budget of the Basra Investment Commission’s Nakheel City scheme was offset by a $611m downward revision in the budget of the Construction & Housing Ministry’s Iraq Housing Programme.