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The construction industry in the UAE has been the worst hit in the GCC region by the global slowdown, with 29% of projects either put on hold or cancelled, according to a report by research house Proleads.
The study, based on a survey of more than 3,000 projects across the Gulf with an estimated total value in excess of US$1.5 trillion, showed considerable differences across the national markets.
The UAE retains the most valuable construction sector, valued at US$900 billion, but has had 147 projects cancelled or put on hold out of a total of 487.
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“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,” said Cityscape group director Chris Spiller, who commissioned the report.
Coming in a close second to the UAE in terms of project postponements and calculations is Bahrain, with 27% of projects facing an uncertain future. Qatar, meanwhile, appears the most confident market with just seven projects off the table, representing 5% of the total.
Meanwhile, the report says no projects in Oman have been cancelled and just 8% are on hold. In terms of total projects, KSA is the largest market, with 442 projects still proceeding and a 19% cancellation and postponement rate.
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FEATURED COMMENT
The government has to change their policies on free hold ownerships so that the real owner can be more confident in maki