Limited infrastructure spending and the odd high-profile hotel development have not done much to lift spirits in the construction sector in Dubai and Abu Dhabi, where payment issues and stalled projects — as well as scoring contracts abroad — are forefront in the minds of contractors.
“I don’t believe there is much new project activity or meaningful new capital infusions,” said Saud Masoud, chief executive of SM Advisory Group and former real estate analyst with Rasmala.
“I think there is much development to take place, but near-term regional event risk and global economic uncertainty are keeping things from taking off.”
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