Thursday, September 15, 2011

UAE accounts to 56percent of total project cancellations in the region

The total value of cancelled projects in the UAE touched $170bn, marking an increase of 13percent since July, according to a recent Citi report.

Nearly 56percent of total cancelled and delayed projects are in the UAE. Saudi Arabia is the largest construction market in the MENA region, with $630bn worth projects under construction, recording a dip in project pipeline of nine percent. Kuwait, however, recorded a growth of 38percent, touching $88bn, based on a re-definition of previously cancelled and delayed projects.

Qatar registered a $7bn growth in its pipeline, touching $57bn. However, the total project pipeline in the MENA market grew three percent, touching $648bn due to growth in oil and gas processing, and construction projects.

The projects on hold in the main MENA markets touched $1.69trillion, in comparison to $1.7trillion in July.

The report pointed out that nearly $5.5bn worth of projects, were awarded across MENA, which translated to a 13.5percent growth year-on-year.

1 comment:

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