A total of 1,296 projects valued at more than US$418 billion (NZ$589 billion) are currently being built in the UAE but about $350 billion worth of projects are on hold due to the recession, according to an online report from Emirates Business.
A further 303 projects worth $143 billion are already in the design, planning, and or, bidding stage, the report says, citing a market analysis published by UAE-based research company Proleads Global yesterday. The study was compiled on behalf of CityBuild Abu Dhabi, a new trade show for the region’s building and construction industry which opened this week.
The UAE civil construction market covers 2,552 projects with a combined budget value of about $930 billion. Of this, 842 projects with a total value in excess of $350 billion are on hold as a result of the economic slowdown and a further 111 projects valued at more than $14 billion have been cancelled. The study considered projects with a budget of over $10 million.
