gulfnews : Construction sector remains soft

The construction industry in the UAE is still feeling the impact of the global recession with more than $170 billion (Dh 624.36 billion) worth of projects either on hold or cancelled, a report has claimed.

"Its total project awards have fallen by $6 billion in the year-to-end August, while its cancelled & delayed projects are up 13 per cent to $170 billion," Citi notes. Meanwhile, the UAE's project pipeline has increased by 7 per cent to $175 billion, it says.

A construction project tracker by Citigroup revealed that the UAE — the region's second biggest market — accounts for 56 per cent of total project cancellations and delays across the Middle East and North Africa (Mena) region.

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