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Saturday, February 7, 2009

Civil projects worth US$698b on going in UAE: Survey

DUBAI: Work on civil construction projects worth US$698 billion (US$1 = RM3.61) continues to move ahead in the United Arab Emirates despite the negative impact of the global economic crisis in this Gulf nation, according to a survey.

Published by Proleads Global, the report concludes that 52.8 per cent of the total current civil construction project portfolio of the UAE, worth a combined total of US$582 billion, is now on hold while a further US$698 billion remains in operation.

It also finds that while numerous real estate projects are scheduled for completion in early 2009, the pace at which projects are being completed has slowed down.

“The UAE may no longer be the land of milk and honey but it is still in a far better position than most,” said Emil Rademeyer, director of Proleads Global, the Dubai-based publishers of what is billed as the first in-depth investigation of its type.
The Proleads investigation encompasses 1,289 projects in real estate, including residential, commercial and Proleads has recorded a sharp increase in the rate at which projects have been placed on hold across all sectors of the industry. Real estate was the hardest hit.

“Within the real estate sector, it is likely we will witness more deferred projects throughout 2009 as will be the case, but to a lesser degree, within the infrastructure sector,” the Proleads report says.

By Bernama

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