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 week’s gain pulled it back into growth year-on-year, at 0.8 per cent.

In numbers

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 Qatar’s projects market in the week ending 22 January

Oman’s 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
Bahrain 72,140 71,910 0.3 65,011 11.0
Kuwait 255,821 256,338 -0.2 219,865 16.4
Oman 168,101 167,245 0.5 156,047 7.7
Qatar 283,266 275,320 2.9 281,098 0.8
Saudi Arabia 999,296 1,001,285 -0.2 1,210,821 -17.5
UAE 854,834 855,405 -0.1 813,314 5.1
GCC 2,633,458 2,627,503 0.2 2,746,156 -4.1
Iran 257,164 258,193 -0.4 193,404 33.0
Iraq 353,475 356,475 -0.8 404,803 -12.7
Gulf Total 3,244,097 3,242,171 0.1 3,344,363 -3.0
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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.

Kuwait’s 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
Country Project Name Status
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
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Saudi Arabia’s 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.