The future of more than half of the UAE’s 1,289 construction projects hangs in the balance, a new report has revealed.
Nearly 53 percent of the UAE’s development portfolio, worth a combined $582bn, has been suspended as the construction industry grapples with the country’s dramatic real estate crash.The findings by Dubai-based market research firm Proleads show that of a $1.3 trillion-strong industry, only $698bn is still in operation on active construction projects.The report, which reviews the real estate, leisure and entertainment and infrastructure sectors, shows the real estate market to be the worst hit.Some 180 projects have been suspended while projected cash flow, the marker of the industry’s health, is set to drop 43 percent in the first quarter of 2009, the report noted./span>