Financing constraints could delay some construction projects set to launch in Abu Dhabi next year as lenders remain conservative after the financial crisis, says Robert Garden, the Middle East managing director of Royal Bank of Scotland.
New projects where clients lack long-standing relationships with banks were particularly prone to delay, Mr Garden said at MEED’s Abu Dhabi Conference last week.
“I don’t think all the projects that are around here will actually be financed,” he said. “The banks and the markets are not ready. Abu Dhabi has massive projects in the works but if they all come to the market in 2010, that would be a mistake.
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