Strong performances from Oman and Iraq contributed to the Gulf projects index rising by 0.7 per cent to $2.5 trillion for the week up to 18 October.

The total value of projects planned or under way in Oman rose by 11.1 per cent to $111.6bn as a $600m solar power plant project was revived and four new projects worth a total of $1.3bn were added to its index.

The biggest scheme to be added to its index was the $500m Suwaiq independent water project.

The rest of the GCC did not perform so well, with four of the six states recording a fall in the value of their projects sectors.

Qatar recorded the biggest drop, with its projects index declining by 1.5 per cent to $214bn. The main reason for this was the completion of four projects worth a total of $3.4bn. Bahrain’s market continues to slide as the political uncertainty shows no sign of ending. The UAE’s projects market fell in value by 0.6 per cent as four projects worth a combined total of $825m were completed and a $64m infrastructure project in Abu Dhabi was cancelled.

Outside the GCC, Iraq’s projects market continued its impressive growth as the total value of projects planned or under way rose by 3.9 per cent to $355bn. The main reason for the increase was the addition of the estimated $17.2bn South Gas Utilisation project in Basra to the index.

Iraq maintains its position as the region’s fastest growing projects market, recording a 51.9 per cent year-on-year increase.

Iran’s projects market grew in value by 0.3 per cent to $311.2bn. The rise was caused by the increase in the budget for an oil field project and the launch of a new pipeline project.

The Gulf projects index is down by 13 per cent year-on-year.