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Slowdown signs - UAE construction suffering the most in GCC |
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09.21.2009 |
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Construction Week reported that the construction industry in the UAE has been the worst hit in the GCC region by the global slowdown with 29% of projects either put on hold or cancelled.
The study, based on a survey of more than 3,000 projects across the Gulf with an estimated total value in excess of USD 1.5 trillion showed considerable differences across the national markets.
The UAE retains the most valuable construction sector valued at USD 900 billion but has had 147 projects cancelled or put on hold out of a total of 487.
Mr Chris Spiller director of Cityscape group who commissioned the report said that “While some of Dubai’s ambitious plans are among the UAE projects that have been dropped, the Proleads database shows a continuing high level of activity in the emirates which would be the envy of many economies elsewhere.”
Coming in a close second to the UAE in terms of project postponements and calculations is Bahrain with 27% of projects facing an uncertain future. Qatar, meanwhile, appears the most confident market with just 7 projects off the table, representing 5% of the total.
Meanwhile, the report said that no projects in Oman have been cancelled and just 8% are on hold. In terms of total projects, KSA is the largest market with 442 projects still proceeding and a 19% cancellation and postponement rate.
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Source:steelguru.com |
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