There seems to be some differing opinion out there about just how many projects have been canceled in the UAE. Yesterday, the company behind the Big 5 PMV construction conference in Dubai in November released the industry-rallying bit of research from Proleads saying that only 2.4 per cent of the 1,289 UAE construction projects that were under way at the start of the year have been canceled.
That stands in interesting contrast to the research note written late last week by the Kuwait Financial Centre claiming that between October and March this year 31 per cent of property projects have been delayed or canceled in the GCC, as Arabian Business reported. Not surprisingly, over 90 percent of these suspended or halted projects were in the UAE.
How do you reconcile these diverging estimates? Did all the cancellations happen in the fourth quarter of last year, were the number of suspensions far greater than the number of cancellations, or is this just a case of seeing the glass (building) half full?
Reality check on UAE property cancellations
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