Growth in the Gulf’s two largest projects markets, the UAE and Saudi Arabia, contributed to the Gulf Projects Index rising by 0.1 per cent in the week up to 8 April.

The biggest increase was recorded in the UAE, which saw a 0.7 per cent jump in the value of its projects sector. The growth was due to the addition of $5.2bn-worth of new schemes to its index. The largest of these is the $175m National Centre of Meteorology and Seismology, which is planned to be built in Abu Dhabi. The UAE projects market is currently worth $727.7bn, the highest it has been since January 2011.

Saudi Arabia, the region’s biggest projects market, recorded growth of 0.1 per cent in the value of its projects sector. This was due to the launch of six new schemes worth a total of $365m, and the increase in budget of two government ministry construction projects. The value of the kingdom’s projects sector remains above the $1 trillion mark, and is almost 19 per cent up on the same period in 2013.

The value of Oman’s and Qatar’s projects markets also increased by 0.1 per cent. The growth in Oman’s projects sector was due to the launch of six new schemes worth a total of $1.6bn, including an estimated $1bn independent power project planned at Suwaiq.

Outside the GCC, both Iraq and Iran recorded a drop in the value of their projects markets, with falls of 0.7 per cent and 0.3 per cent respectively. Despite the sharp decline, the value of Iraq’s projects market is up 7.7 per cent year-on-year.