Cancelled and delayed projects in uae increasing, report shows

The amount of construction projects cancelled and delayed in the United Arab Emirates rose to $170 billion in August indicating that the battered real estate sector in the Gulf state is still some way from a recovery.

The increase of 13% compared to the previous month is revealed in the MENA Construction Projects Tracker Report from Citigroup.

It also shows that the UAE accounted for 56% of the total cancelled or delayed projects for the main regional markets. ‘Unsurprisingly cancellations in the UAE relate predominantly to real estate,’ the report said.

The UAE's property boom ended in 2008, with house prices in Dubai plunging by up to 60%, forcing many developers to abandon projects.

Source: PropertyWire.com