The Gulf Projects Index saw little change in the week ending 7 October, as businesses closed their doors for the Eid al-Adha holiday.

The only country to see significant movement was Oman, which clocked an expansion of 0.5 per cent in its projects market.

The growth comes after an announcement from the UAE’s Ghantoot Group, which said it is planning to invest in a $700m fertiliser plant in the Port of Duqm in central Oman. The scope of work includes a bio-fertiliser facility with captive-power and carbon-capture technology that can contribute to the agriculture sector and enhanced oil recovery techniques in the energy sector.

The Gulf region as a whole remained flat, staying level on about $3,328bn. However, although the index saw little change, several new projects have been announced that are likely to precede a surge in activity.

In Kuwait, Petrochemical Industries Company has revived plans for Olefins 3, a multibillion-dollar petrochemicals plant in the Al-Zour area. The scheme has an estimated budget of $5bn-$10bn.

Kuwait also invited major oil companies to bid on a project to develop the Ratqa heavy oil field. The UK’s BP, France’s Total, UK/Dutch Shell and the US’ ExxonMobil and Chevron have all been asked to put in offers

Meanwhile, Oman’s Public Authority for Electricity & Water (PAEW) has invited bids for the deal to build a water distribution network for the wilayat of Bidbid.

The project is one of several the sultanate is developing as part of plans to expand and upgrade its water transmission infrastructure. Earlier in 2014, PAEW announced it is planning to spend about RO580m ($1.5bn) on new water supply schemes over the next five years.