A strong performance from the projects markets in Oman and Iraq edged the Gulf projects index up by 0.1 per cent to $2.58 trillion for the week up to 21 June.

The total value of projects planned in Oman increased by 1.2 per cent after the budget for the Sohar refinery expansion scheme was increased by $1.3bn. A $50m road project was also added to the sultanate’s index.

The only other market in the GCC to record any growth was Saudi Arabia, the region’s biggest projects market. The value of projects in the kingdom rose by 0.3 per cent as 26 new schemes worth a total of $2.4bn were announced. The largest of these is the planned $1bn scheme to survey the Empty Quarter up to the Iraq border area for Saudi Aramco. The value of projects planned or under way in the UAE dropped by 0.5 per cent to $638bn. The fall can be attributed to a $2.8bn real-estate project at Dubai Investments Park being put on hold and the completion of two schemes worth a total of $358m. The other GCC projects markets remained flat.

Outside the GCC, Iraq’s project index increased by 1 per cent to $418bn. The reason for the increase was the launch of six new power projects worth a total of $4.1bn. The largest of these is the planned $2bn Kurdistan private power project. Iraq maintains its position as the region’s fastest growing projects market, recording a 36 per cent year-on-year rise.

After recording growth last week, Iran’s projects index dropped by 0.1 per cent as two oil and gas projects were completed.

The continuing political unrest in the region resulted in the Gulf’s projects market recording a year-on-year drop of 12 per cent. The GCC projects market, which accounts for 71.5 per cent of the Gulf market, is down 19.3 per cent on the same period last year.