Study Shows UAE Construction Stays Active Despite Global Slowdown

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(DUBAI, U.A.E.) -- Construction in Dubai is continuing despite the global slowdown with more than 750 active projects   and 450 that were recently completed, according to a new report released by Proleads Global, a research company based in Dubai.
   
The report also finds that 400 projects worth more than $300 billion are on hold or were cancelled in the commercial and retail sectors. Education, healthcare, leisure and entertainment, and residential projects were affected.

To arrive at this data, researchers studied more than 1,900 projects with a total budget exceeding $1 trillion.

The report titled Insights United Arab Emirates: An Investigation into the Current and Future State of the Civil Building Construction Industry states that since mid-2008, fewer new projects have been announced, the rate of project cancellation has increased, and more project s have been placed on hold.

However, there may be light at the end of the tunnel because many projects are to be completed in 2010 and some in 2011. Emil Rademeyer, Director of Proleads Global, said, "From our cash flow projections for the industry, we see the UAE construction market beginning to stabilise at current levels and showing some signs of recovery during 2010."

Rademeyer said the report provides facts about the true condition of the market. "It is vital to know how fast and by how much the industry is changing, not just for the industry and its suppliers but also for planners, governments and financial institutions."

He added, "Projects are always put on hold even during boom times but it is the rate at which it occurs that enables us to forecast when we might see an upswing."

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