Tuesday 13 December 2011

Value of UAE's stalled construction projects hits $958bn - Construction - ArabianBusiness.com

The value of construction projects scrapped or on hold in the UAE soared to $958bn in the 12 months to October, Citigroup said Tuesday, signalling the Gulf state’s battered project market is still some way from recovery.

The Gulf country, which accounts for more than half of the stalled or cancelled projects in the MENA region, saw $20bn worth of developments added to the list over the last year.

More cancellations are likely as the UAE battles a fresh slowdown in infrastructure projects, Citi analysts said in the MENA construction projects tracker report.
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