uae cancelled 170bn worth construction projects
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

UAE cancelled $170bn worth construction projects

Arab Today, arab today

Arab Today, arab today UAE cancelled $170bn worth construction projects

Dubai - Arabstoday

The amount of construction projects cancelled and delayed in the United Arab Emirates rose to $170bn in August, Citigroup said in a report, signalling the battered sector in the Gulf state is still away from a recovery.UAE accounts for 56 percent of the total cancelled and delayed projects for the main regional markets, the MENA construction projects tracker report by Citi showed. The cancellations are an increase of 13 percent since July. "Unsurprisingly cancellations in the UAE relate predominantly to real estate," the report said. UAE's property boom ended in 2008, with home prices in the Dubai emirate plunging by about 60 percent, forcing many developers to abandon projects. Dubai developer Nakheel , which overstretched itself by building islands in the shape of palms and other ambitious projects, wrote off up to AED78.6bn ($21.4bn) of its real estate assets due to a property crisis, according to a bond prospectus.Meanwhile, projects cancelled and on hold across main MENA markets dropped slightly to $1.69 trillion in August from $1.7 trillion in July. In other markets, Saudi Arabia added $81bn of preliminary projects to its pipeline since July, said the report, highlighting the growth potential in the market.Kuwait and Qatar also have projects worth $20bn and $2bn respectively that are in preliminary stages of construction. In contrast, UAE showed a $12bn decline in preliminary projects to $118bn.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uae cancelled 170bn worth construction projects uae cancelled 170bn worth construction projects

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uae cancelled 170bn worth construction projects uae cancelled 170bn worth construction projects

 



GMT 11:36 2016 Wednesday ,28 December

UAE Banks Needs Unified Approach To Common Problems

GMT 09:00 2017 Wednesday ,12 April

Colombia forces struggle to root out coca

GMT 21:42 2017 Monday ,06 February

Syria anti-Daesh forces say US sent them armored cars

GMT 18:35 2017 Saturday ,11 November

750,000 march for separatists' release in Barcelona

GMT 21:18 2016 Thursday ,22 September

Nawaz, Rouhani discuss bilateral ties, regional situation

GMT 18:31 2017 Friday ,01 September

Vietnam state oil magnate arrested in major fraud case

GMT 14:18 2017 Thursday ,09 March

CITC governor visits STC booth in Spain exhibition

GMT 04:30 2017 Friday ,10 November

Uber IPO 'target' is 2019

GMT 19:40 2017 Tuesday ,29 August

Mona used stones to decorate ornaments

GMT 13:02 2017 Wednesday ,08 March

Crash test dummies sacrifice lives for car safety

GMT 08:41 2017 Tuesday ,28 November

Beautiful Plants for Amazing Indoor Decoration

GMT 05:01 2018 Monday ,24 September

Bahrain weather forecast
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday