A solid performance by Saudi Arabia and Qatar contributed to the Gulf Projects Index rising by 0.1 per cent to $3.2 trillion in the week up to 22 April.

Saudi Arabia, the largest projects market in the region, saw the strongest growth, as the value of schemes planned or under way increased by 0.5 per cent. Eight new projects were launched in the kingdom, the largest of which was the $4bn Prince Sultan Cultural Centre in Jeddah. Designs are currently under development for the project, which will have a medical complex, hotels, an open-air theatre and a conference centre.

Saudi Arabia’s projects sector has risen 18.9 per cent year-on-year, making it the fastest-growing country in the index.

Qatar’s projects market saw the second-largest growth, as the value of schemes planned or under way rose by 0.4 per cent. The increase was mainly due to the addition of the $1.3bn Wakrah residential project, which involves the construction of 11,000 housing units in Doha. 

Kuwait’s projects market saw the biggest drop in the GCC, falling 0.4 per cent as Kuwait National Petroleum Company completed a $900m scheme to build a fourth gas and condensate train at the Mina al-Ahmadi refinery.

Outside the GCC, Iraq’s projects sector declined 0.4 per cent, as the Electricity Ministry completed a $450m gas-fired power plant at Mansuriya in the governorate of Diyala. The value of the country’s projects sector was further reduced by the cancellation of the $1.9bn Habbaniyah New City scheme being built by the Anbar Investment Commission.

Iran’s market reversed several weeks of declines by posting an increase of 0.3 per cent. The growth was due to the revival of a $600m project to build the Lordegan fertiliser chemicals complex in the southwest of the country.