Tuesday, August 04, 2009

$20bn Saudi projects cancelled, delayed

GREEN LIGHT: Only $20bn worth of projects in Saudi Arabia have been put on hold or cancelled amid the global crisis, compared to $300bn in the UAE, says a new study. (Getty Images)

Less than 80 active projects, with a total value of around $20bn, have been put on hold or cancelled in Saudi Arabia, Dubai-based research house Proleads Group said on Sunday.

By contrast, more than 400 projects with a total value of over $300bn have been suspended or cancelled in the UAE, Proleads said last week.

The Saudi study examined more than 720 construction projects with a total budget of more than $430bn across the commercial and retail; education and healthcare; leisure and entertainment; and residential sectors.

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