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UAE: Rising number of business projects being delayed, cancelled
Sharifa Ghanem Published in Bikya Masr on 16 - 09 - 2011

DUBAI: A new report has said that development projects in the United Arab Emirates are being delayed and cancelled rose to $170 billion in August as the country's real estate sector continues to struggle.
According to the MENA Construction Projects Tracker Report from Citigroup, there was a rise of 13 percent compared to the previous month in cancellations and delays, leaving the potential recovery of the country's real estate to the future.
The report also showed that the UAE accounted for 56 percent of the total cancelled or delayed projects for the main regional markets.
“Unsurprisingly cancellations in the UAE relate predominantly to real estate,” the report said.
The UAE's property boom ended in 2008, with housing prices in Dubai increasing by up to 60 percent, forcing many developers to abandon projects.
BM

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