Qatar, Kuwait, Oman and Bahrain saw significant expansions in the value of their projects markets in the week ending 27 March. This lifted the Gulf Projects Index by 0.6 per cent overall, despite contractions in the UAE and Iraq.

Qatar saw the value of its projects market jump by 4.2 per cent, or almost $12bn. This was driven by 17 new schemes worth a total of $6.2bn. Also included were the Karaana lagoon rehabilitation project and World Cup 2022 schemes. Progress on infrastructure projects and a strong real estate market also contributed to the gains.

Kuwait recorded the second-largest gain of 2.9 per cent in its projects market. This means it retains its position as the market with the largest year-on-year growth, up 14.6 per cent.

Oman’s projects market grew by 2 per cent, thanks to 53 new real estate schemes worth a total of more than $500m. Progress on utility and oil and gas projects also contributed to a projects market worth $164.5bn, its highest ever value.

Bahrain recorded a 1.8 per cent rise as social housing schemes get under way.

Saudi Arabia’s projects market grew by 0.6 per cent as infrastructure work progresses. This was partly driven by the decision to rehabilitate the $200m Al-Muajjiz crude terminal at Yanbu Industrial Port. The UAE’s Arabtec is also building a $272m villa project on behalf of oil major Saudi Aramco.

The UAE was the only GCC country to record a contraction in its projects market, as the property sector adapts to lower oil prices.

Outside the GCC, Iraq declined by 1 per cent as the ongoing war against the jihadist group Islamic State in Iraq and Syria causes infrastructure projects to be put on hold. Iran, meanwhile, saw a loss of 0.2 per cent as the world awaited a nuclear deal.