I do not know the exact name of this visual effect (angular/clockwise fade-in/fade-out?), but it is one of the most common things that you can see in interface of RPG and RTS games, displaying progress of construction/upgrade/ability cooldown. So, to the point...
You can read how this is actually being implemented, or just scroll down to the bottom of post and grab the code and/or GMK file.
Implementation of such is actually pretty simple,
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