The Gulf Projects Index rose marginally by 0.1 per cent to reach $3.24 trillion in the week ending 22 January, despite major gains in the Qatari market.
Qatar recorded a 2.9 per cent, or $7.9bn expansion in its projects market as upstream oil projects make progress despite the 13-year low in oil prices, which dipped below $30 a barrel over the week.
Last weeks gain pulled it back into growth year-on-year, at 0.8 per cent.
17.5 per cent Year-on-year contraction in the value of the Saudi Arabia projects market
$3.9bn Value of project completions in Saudi Arabia in the week ending 22 January
$7.9bn Growth in Qatars projects market in the week ending 22 January
Omans projects market also posted a small gain, growing 0.5 per cent week on week. Almost $1bn of gas and industrial projects were revived.
Iran saw its projects market contract by 0.4 per cent as post-sanctions investment priorities are clarified. The market has rebounded by 33 per cent year-on-year as Iran tries to attract billions in investment.
|Value of projects planned or under way 22 Jan 2016|
|Country||22-Jan-16||15-Jan-16||% change on week||26-Jan-15||% change on year|
|For further information visit www.meed.com/projects/gulf-projects-index|
In the UAE, the value of the projects market dropped by 0.1 per cent, while Bahrain was up 0.3 per cent on real estate.
Kuwaits project market slipped 0.2 per cent over the week on $300m of project completions. It still remains the fastest-growing market in the GCC year-on-year, up 16.4 per cent.
|Project updates this week|
|Iraq||Mansouriya field development: CPF||On hold|
|Kuwait||Al-Jahra ministerial complex||Main contract bid|
|Qatar||Bul Hanine Field Redevelopment Project: onshore||Main contract bid|
|Qatar||Bul Hanine Field Redevelopment Project: subsurface||Main contract bid|
|UAE||Dubai Canal: Roda Hotel||Design|
|For further information visit http://www.meedprojects.com/home|
Saudi Arabias projects market also contracted by 0.2 per cent, on $3.9bn of project completions. Of the $1.2bn of new projects, the majority were utilities.
The kingdom is the worst-performing market in the region, having fallen 17.5 per cent year-on-year, compared with a 12.7 per cent drop in Iraq.