The UAE construction sector has taken the downturn’s worst hit throughout the Gulf Arab region, with more than 500 projects on hold or cancelled, Dubai-based research firm Proleads said Wednesday. With a total value of around $900 billion, 1,372 building projects are under construction or in bidding across the commercial, hospitality, residential and retail sectors in the United Arab Emirates, but 566 projects have either been shelved or postponed, Proleads stated in a report.
Neighboring Saudi Arabia has total projects worth more than $387 billion across the four sectors, with 442 under construction or bidding, and 106 cancelled or on hold.
In Kuwait, with total projects worth more than $114 billion, 90 are under construction or bidding and just 18 cancelled or on hold.
Qatar has seven projects shelved or on hold and 124 are under construction or in bidding, out of total of projects worth more than $42 billion.
With total projects worth more than $38 billion in Oman, 95 are under construction or bidding with eight on hold. Oman has suffered no cancelled projects, Proleads confirmed.
Bahrain’s total projects are valued at more than $36 billion with 148 under construction or bidding but 54 have been cancelled or placed on hold.
Proleads said in July over 400 projects worth more than $300 billion had been placed on hold or cancelled throughout the UAE