The Gulf projects market has grown for the second successive week as decision-makers across the region return from their summer vacations and move ahead with new projects.

MEED’s latest Gulf Projects Index shows that on 21 September the total value of major projects planned or under way in the Gulf stood at $2.937 trillion. The figure is 0.17 per cent higher than the previous week’s figure of $2.932 trillion.

The GCC market, which accounts for more than three quarters of the Gulf’s projects market, grew by 0.22 per cent to $2.297 trillion from $2.292 trillion on 15 September. The Oman market grew the fastest with a 4.18 per cent increase. The biggest new project it launched was an estimated $4bn deep-water gas pipeline.

The UAE grew by 0.38 per cent, with three new projects joining the index. The biggest was in the industrial sector where Advanced Technology Investment Company launched a $6bn microchip factory in Abu Dhabi.

Growth in the UAE was tempered by projects being completed, such as Mubadala Development Company’s $403m Sorbonne university campus.

The Bahrain, Qatar and Saudi markets saw negative growth as the positive impact of the newly announced schemes were cancelled out by completed projects.

The worst performing country was Bahrain, its project market fell by 0.72 per cent.

Compared to 2009, the Gulf index is now up by 14.26 per cent. The GCC is also in positive territory, with a 8.09 per cent increase on 2009, indicating that despite the global economic slowdown the projects markets continues to grow. Outside the GCC, Iraq remains the region’s fastest growing market.