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Building contracts slump 60 pct in UAE
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10.5.2009 |
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Building and infrastructure contracts slumped 58.2 percent in the first nine months of the year in the UAE as the economic downturn saw fewer projects going ahead, local daily Emirates Business reported on Monday, citing Ventures Middle East.
The UAE-based construction research firm said 92.99 billion dirhams ($26.6 million) worth of contracts were awarded during the period, compared to 222.5 billion dirhams worth of projects during the same time last year, the newspaper reported.
Contracts awarded in Abu Dhabi topped 44.83 billion dirhams during the period, compared to 36.78 billion dirhams in Dubai, the paper said.
For the whole of 2008, 49.31 billion dirhams worth of contracts were awarded in Abu Dhabi, while 153.29 billion dirhams worth were awarded in Dubai, the paper added.
Ventures projected contracts will pick up slightly during the fourth quarter, according to the paper.
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Source:business.maktoob.com |
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