The Gulf Projects Index remained unchanged at $3.2 trillion in the week up to 18 March, as gains in the UAE and Iraq were offset by a significant decline in Iran.

The UAE saw the biggest rise in the GCC, as the value of schemes planned or under way increased 0.2 per cent. A total of 40 new projects were launched, worth a combined $4.4bn.

The largest of the new schemes is Abu Dhabi Water & Electricity Authority’s $1.2bn plan to develop the Mirfa independent water and power project. The new schemes were offset by an overall reduction of $2.6bn in the budgets of 21 projects.

Kuwait posted the second-biggest rise in the GCC, with the value of schemes planned or under way growing 0.1 per cent as two new projects worth a total of $252m were launched.

Qatar, which dipped 0.1 per cent, was the only country in the GCC to see a fall in its index. Its decline was due to the completion of two schemes and a reduction in the budget of three other projects.

Saudi Arabia, the region’s largest projects market, ended the week unchanged as the launch of seven new schemes worth a total of $913m was offset by two projects being put on hold and the completion of state-owned oil firm Saudi Aramco’s $552m football stadium in King Abdullah Sports City.

Outside the GCC, Iran had the biggest drop in the index, as the value of schemes planned or under way fell by 1 per cent. Iran is now the worst-performing market in the region, as the value of its index has declined 13.3 per cent over the past year.

Iraq continued its strong performance as its projects market increased 0.2 per cent. It remains the fastest-growing market in the region, up 58.7 per cent year-on-year.