Close to $1.6-trillion worth of projects are cancelled or are on hold in the Middle East and East North African market, with $800-billion in the UAE alone, according to Citibank.
The statistics are a reflection of the hangover of the leveraged days in the region when billion dollar projects were announced virtually every other day.
The excessive number of projects ruined many real estate markets in the region after the global financial crisis, as funding evaporated leading to defaults and pain for investors. Many regional banks and developers still carry the scars of that era's unbridled enthusiasm.
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