The UAE projects market led gains on the Gulf index in the week ending 7 August, expanding by 1.5 per cent. This helped the region as a whole record growth of 0.2 per cent.

A total of 23 new projects worth a total of $11.6bn were announced in the UAE. The gains come amid predictions of economic gains in the country in the wake of the lifting of international sanctions on Iran as part of the nuclear deal agreed by Tehran and the P5+1 group of world powers in July.

In the Washington-based IMF’s annual article IV report on the UAE, it said the country is well positioned to benefit from an opening of the Iranian market.

The fund said the reversal of sanctions could add 1 percentage point to real GDP growth each year between 2016 and 2018 through higher non-oil exports alone.

The key driver in the expansion of the UAE’s projects market over the period was the launch of Meydan One, a 3.7-square-kilometre scheme that will be home to more than 78,300 residents.

It will feature the 711-metre Dubai One tower, the Meydan One Mall, a 1.2-kilometre ski slope, a 25,000-square-metre indoor sports arena, a civic plaza large enough to host 60,000 people, a 4km canal and a 100-berth marina.

Elsewhere in the region all other markets declined apart from Bahrain and Iran.

Bahrain gained 0.9 per cent as it announced four new projects worth a total of $285m, while Iran expanded by 0.5 per cent.

The week’s biggest decliner was Qatar. Its projects market fell by 2 per cent as four schemes with a total value of $7.5bn were either completed or put on hold. Among the projects that were completed in Qatar over the period is the $500m Ras Abu Fontas A2 desalination plant.