The value of construction contracts awarded in the UAE fell by 85 per cent in the fourth quarter compared to the same period last year, London-based weekly Middle East Economic Digest said.
Contract awards worth US$14.4 billion were made during the fourth quarter of 2008, down from US$98.1 billion during the same period in 2007 as the global credit crisis rendered project financing a struggle, MEED said.
Around US$23.2 billion worth of projects have been put on hold, almost 10 per cent of the US$249.7 billion of projects under construction in the UAE, MEED reported.
Projects hit by delays include Nakheel Properties' Palm Deira project in Dubai, Dubai Waterfront and Dubailand, MEED said.
In total, US$191.8 billion of contract awards were made in 2008, a 60 per cent drop from the US$482.5 billion of awards made in 2007. - Reuters
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