UAE construction industry - GCC region’s most suffered industry!
According to a report by research house Proleads, the worldwide slowdown most adversely affected the construction industry in the UAE in the GCC region, with 29% of projects delayed or cancelled.
The investigation, which is based on a study of more than 3,000 projects across the Gulf, with an estimated total value in excess of US$1.5 trillion, showed large differences across the national markets.
The UAE, which boasts the most valuable construction sector, estimated at US$900 billion; however, has had cancelled 147 projects or put off out of a total of 487.
Cityscape group director Chris Spiller, who commissioned the report said: "While some of Dubai's ambitious plans are among the UAE projects that have been dropped, the Proleads database shows a continuing high level of activity in the emirates which would be the envy of many economies elsewhere."
Apart from this, Bahrain followed UAE in terms of project postponements and calculations, and took the second spot. While Bahrain had 27% projects which faced insecure future, Qatar appeared as the most confident market with just seven projects off the table, representing 5% of the total.
In the meantime, the report also revealed that none of the projects in Oman have been cancelled and just 8% are paused. In terms of total projects, the largest market is KSA, with 442 projects yet going on and a 19% cancellation and delay rate.
New Zealand News
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