Saudi Arabia has taken over from the UAE as the region’s biggest projects market after weeks of falls in the real-estate projects sector.

Overall, the total value of projects planned or under way in the Gulf remained flat at about $2.6 trillion in the week leading up to 25 January, according to MEED’s latest Gulf Projects Index.

The flat performance represents a stabilisation in the market after weeks of falls due to the delay or cancellation of several major real estate projects across the region.

The GCC projects market, which accounts for about 74 per cent of the Gulf projects market, remained steady at $1.9 trillion.

The stronger performance in the last week of January followed the launch of 13 projects worth an estimated $1.3bn. Saudi Arabia and the UAE both launched four projects. Oman announced two schemes, and Bahrain, Iran and Qatar all initiated one. The $300m Abu Dhabi Company for Onshore Oil Operations’ Bab-Habshan 1-Development was the highest value project launched this week. The second highest is Bahrain’s Central Southern water treatment plants.

Balancing the index was the completion of 12 major projects in the past seven days. Six of the completed projects were in the UAE. These include the $800m hotel in Yas Island and the $500m first package of the Al-Raha Gardens residential development. The $700m Em al-Nada Village project was one of three projects completed in Saudi Arabia. Two major projects reached completion in Qatar, including the $400m Shell Pearl GTL tanks project.

The Gulf’s projects index is down 6.6 per cent on last year, with the GCC projects market recording a 14.8 per cent year-on-year fall. The Gulf index is at its lowest value since October 2008.

Iraq maintains its position as the region’s strongest market.