The value of construction contracts awarded in the UAE fell by 85 per cent in the fourth quarter compared to the same period last year, London-based weekly Middle East Economic Digest (MEED) said.
Contract awards worth $14.4 billion were made during the fourth quarter of 2008, down from $98.1 billion during the same period in 2007 as the global credit crisis rendered project financing a struggle, MEED said.
Around $23.2 billion worth of projects have been put on hold, almost 10 per cent of the $249.7 billion of projects under construction in the UAE, MEED reported.
Projects hit by delays include Nakheel Properties' Palm Deira project in Dubai, Dubai Waterfront and Dubailand, MEED said.
In total, $191.8 billion of contract awards were made in 2008, a 60 per cent drop from the $482.5 billion of awards made in 2007.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment