The total value of major projects planned or under way in the Gulf on 13 October was $2.94 trillion, an increase of 0.3 per cent on the previous week according to the latest Gulf Projects Index.

According to the tracker, the bulk of the increase was accounted for by growth in the GCC market, which accounts for about 78 per cent of the Gulf projects market.

The index shows the GCC market rising 0.3 per cent to $2.3 trillion on 13 October.

The solid regional growth figures mask significant variations between the individual country markets.

According to MEED Projects, Qatar saw the strongest week-on-week growth with the total value of major projects planned or under way in the state reaching $261bn on 13 October, up 3.6 per cent on the previous week.

A key factor in the growth is Doha’s plan to build or redevelop 12 football stadiums as part of the country’s bid to host the 2022 World Cup.

The addition to the database of a $5bn power plant by Qatar General Electricity & Water Corporation’s (Kahramaa) and a $50m centrifugal air compressor system for the Mesaieed refinery also added to the growth.

Meanwhile, Saudi Arabia, the region’s second biggest projects market, enjoyed a 1.1 per cent rise in the value of projects planned or under way thanks to the introduction of six new projects to the market.

The biggest of these was the $6bn Interior Ministry security compound facility. 

Iraq, the region’s stellar performer over the past year, had a relatively quiet week in terms of projects activity, with flat growth over the week despite the introduction of three new projects to the database.