Emirates Business quoted data from Dubai based research firm Proleads as saying that the UAE's construction sector is still leading the GCC by thrice the number of ongoing projects in comparison to Saudi Arabia's 442.
The study said that with a total value of around USD 900 billion, 1,372 building projects are under construction or in bidding across the commercial, hospitality, residential and retail sectors in the UAE.
The analysis which is accurate to mid September and based on data with a claimed accuracy of 90% said that about 566 projects have either been shelved or postponed. It took the pulse of more than 3,000 projects valued in excess of USD 1.5 trillion in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
The report said that as for the rest of the GCC, Saudi Arabia has total projects worth more than USD 387 billion across the 4 sectors with 442 in construction or bidding and 106 cancelled or on hold. In Kuwait, with total projects worth more than USD 114 billion, 90 are in construction or bidding and 18 cancelled or on hold.
Qatar has 7 projects shelved or on hold and 124 are in construction or in bidding out of total projects worth more than USD 42 billion. With total projects worth more than USD 38 billion in Oman, 95 are in construction or bidding with eight on hold with no cancellations. Bahrain's total projects are valued at more than USD 36 billion with 148 in construction or bidding and 54 cancelled or on hold.
The study has been carried out for the Cityscape organizers by Proleads and forms part of the Cityscape Intelligence Focus On Dubai Report. Cityscape Dubai takes place at the Dubai International Exhibition and Convention Centre from October 5th to 8th 2009. Alongside the main Cityscape Dubai event is the World Architectural Congress from October 5th to 7th 2009. There will also be a Cityscape Dubai Green Day on October 7th 2009 which will include green communities, green construction methods, energy saving issues, financing green buildings, regulations, whole life costs and new materials and products.
(Sourced Emirates Business)
