Oman is the only country that gained on the Gulf Projects Index in the week ending 9 February, on account of the revival of the $1.2bn Sur urea plant debottlenecking facility owned by Oman India Fertiliser Company. However, Oman’s 0.7 per cent gain was unable to keep the index from registering an overall loss of 0.1 per cent.

Iraq registered the biggest loss of the eight countries at 0.9 per cent. This is due to the putting on hold of the Samawah refinery, budget at $2bn by the Oil Ministry, due to a lack of progress – as well as the completion of $800m-worth of projects, including the $700m first phase of the Basmaya power plant.

Iran, Bahrain and the UAE also shed 0.4 per cent on the index, 0.3 per cent and 0.1 per cent, respectively. Kuwait, Qatar and Saudi Arabia, meanwhile, all remained stagnant.

Two plants in Iran were put on hold or cancelled, while no major new projects were recorded for Bahrain or the UAE, save for the $100m second phase of Bateen al-Samar, part of the Sheikh Zayed Housing Programme in the northern UAE emirate of Ras al-Khaimah.