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- Dubai 05:15 06:32 12:06 15:10 17:35 18:51
The total value of cancelled projects in the UAE reached $191 billion until October, adding $20 billion since September, while the total value of delayed projects touched $767 billion, a Citi report said.
“Given the slowdown in this market, we believe there is further risk of cancellations,” the bank said in its Mena construction project tracker.
Cancelled and on-hold projects across the main Mena markets rose to $1.74 trillion from $1.69 trillion in September.
Saudi Arabia was the only market to show a decline in cancelled and delayed projects. The pace of decline slowed to two per cent to a total of $354 billion till October. Qatar cancelled $7 billion worth of projects with the total reaching $156 billion, a 4 per cent increase since September.
The main declines in delayed projects came from construction ($17bn) and power ($8bn).
According to the report, the UAE saw an increase of over $8 billion in early stage projects.
Citi cautioned, however, “we believe there is risk of low conversion here given the slowdown in spending across the country.”
In the last 30 days, the UAE announced $2 billion of projects across a broad number of sectors. Saudi Arabia announced $7 billion of new projects, while Kuwait announced projects worth $5 billion.
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