Company news
$350bn worth of construction stalled in UAE
07/07/2010
According to a new study by research company ProLeads, the total number of stalled property developments in the United Arab Emirates -- developments put on hold due to the economic slowdown -- is 842 with a total value of $350bn. The firm also said that 111 developments worth $14bn have been cancelled altogether.
With this knowledge, the fact that, according to the same research a total of 1,296 projects worth more than $418bn are currently being built in the UAE could comes as quite a shock as could the 303 projects worth $143bn currently in the design, planning and or bidding stages. However, most of the postponed and cancelled developments will be in Dubai, with many of the projects currently in progress being in other, better fairing parts of the United Arab Emirates.
Speaking of stalled projects in Dubai, the much acclaimed Dubai Sports City that never came close to crossing the finish line, because it was cancelled when the developer got into financial difficulties, may become a reality after all.
The 1000+ Irish investors who each put over $89,797.99 into three Sports City developments collectively known as the Dubai Action Group, have been in talks with a new developer which has bought the previous developers. The new developer; Innovation SEZ Developer Ltd has said that it will only complete the developments if the out-of-pocket investors agree to new payment terms, for which contracts have been issued. The Action Group must now debate whether the terms are acceptable.
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