The seasonal slowdown in the region’s project sector has ended, according to MEED’s latest Gulf Projects Index. The index, which tracks trends in the region’s projects market, shows the total value of projects planned or under way in the Gulf on 15 September was $2.93 trillion, an increase of just under 0.2 per cent on the previous week. The GCC market, which accounts for 78 per cent of the Gulf projects market, also grew by 0.2 per cent over the same period. 

The increases represent the first week of growth in either market since the index relaunched at the start of August. In the five weeks to 8 September, the value of projects in the GCC fell by 0.3 per cent and in the wider Gulf by 0.4 per cent. The index is expected to rise further in the coming weeks as key decision-makers return to work.

Oman recorded the highest jump with the value of projects planned or under way reaching $96.9bn on 15 September, a rise of 2.82 per cent on the previous week. The increase is the result of two major investment projects – the $2.5bn Masirah Island Causeway project and Orascom Hotels & Development’s $160m Four Season Hotel project.

Three new projects – the $1.6bn Bawabat al-Shamal’s Entertainment and Retail Complex, Qatari Diar Real Estate Investment Company’s $338m Sheraton Hotel Car Park and Qatar Petroleum’s Desalination Plants & Portable Water Storage Tanks on Halul Island – delivered growth of about 0.8 per cent in the Qatari market, the GCC’s second-best performer of the week.

The UAE saw a rise of 0.1 per cent as a result of the revival of two tourism projects – the $360m Jumeirah Beach Residence Hotel, and Union Properties’ $150m Renaissance Hotel.

Outside the GCC, the launch of the $100m Halabja and Sulaimaniyah Water Supply project led to a modest rise in the Iraq market.