twitteryou tubefacebookacp

UAE tops list of cancelled construction projects in August


A report by Citigroup revealed that the UAE accounted for 56 per cent of the total cancelled and delayed projects for the main regional markets in August.

The Mena construction projects tracker report by Citi showed that the cancellations were an increase of 13 per cent since July. The amount of construction projects cancelled and delayed in the UAE jumped to US$170 billion in August.

"Unsurprisingly cancellations in the UAE relate predominantly to real estate," the report said.

Meanwhile, projects cancelled and on hold across main Mena markets dropped slightly to US$1.69 trillion in August from US$1.7 trillion in July.

In other markets, Saudi Arabia added US$81 billion 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 US$20 billion and US$2 billion respectively that are in preliminary stages of construction. In contrast, UAE showed a US$12 billion decline in preliminary projects to US$118 billion, according to the report.