The Gulf Projects Index gained 0.6 per cent on the back of big expansions in Qatar and the UAE. All the other Gulf states saw slight contractions in the value of their projects markets, except Oman.

The UAE saw the biggest growth, 2.3 per cent, in its projects market, as Abu Dhabi’s $2bn Bab integrated facilities expansion continues its tender process. Overall, the UAE has had an excellent year, expanding by 16.2 per cent year-on-year. This has been driven by public spending and private real estate schemes, and there is no sign the UAE’s projects market is being slowed by lower oil prices.

Qatar’s projects market grew by 2.1 per cent, on the back of preparations to host the 2022 Fifa World Cup. Meanwhile, Oman expanded by 0.7 per cent, with 134 new schemes worth a total of nearly $1.5bn added in the past week. However, this was tempered by the completion of several projects at Sohar port. 

The region’s largest projects market, Saudi Arabia, had a quiet week. The main event was the completion of an Aluminium Project; new housing and infrastructure works worth a total of $340m could not pull the market back into growth.

Kuwait’s projects market contracted 0.1 per cent as large schemes remained inactive due to regulatory changes.

Bahrain’s projects market fell by 0.7 per cent due to the completion of commercial real estate schemes.

Outside the GCC, Iraq lost another 0.7 per cent as the security situation shows no sign of resolution. Iran’s projects market also continued to fall, as the nuclear talks deadline was extended, meaning sanctions remain in place. The market has now lost 5.9 per cent of its value since talks began in November 2013.