A total of 1,296 construction projects worth more than $418bn are currently being built in the UAE, research company Proleads said on Sunday.Its new report also said an additional 303 projects worth $143bn were in the design, planning and or bidding stage.
It said 842 projects with a total value in excess of $350bn were on hold as a result of the economic slowdown and a further 111 projects valued at more than $14bn have been cancelled. The total state of the UAE civil construction market included a total of 2,552 projects with a combined total budget value of almost $930bn, Proleads added.
“The construction boom has slowed down in the UAE as it has elsewhere but there is still 1,600 projects worth over $560 billion either in execution or about to start construction in a more sustainable approach to development,” said Graham Wood, group director of CityBuild Abu Dhabi organiser IIR Middle East.
The Proleads investigation considered projects with a budget value greater than $10 million and divided the market into five sectors - commercial, retail, hospitality, residential, and healthcare and education sectors.
In a sector breakdown, Proleads said the total commercial sector consisted of 462 projects valued at $253bn.
Although a large proportion of projects were in execution, many have been placed on hold or even cancelled since the fourth quarter of 2008, the research house added.
New project construction starts have also slowed, while those completing are increasing, the report said.
The total retail sector consisted of 336 projects valued at $148bn with 64 percent of projects still active while the hospitality sector consisted of 392 projects valued at $162bn with 63 percent active.
The residential sector included 682 projects valued at $306bn with 62 percent of projects active.The education and healthcare sector included 680 projects valued at $58bn with 64 percent of projects active.
The research was done on behalf of CityBuild Abu Dhabi which opened on Sunday and is being held alongside Cityscape Abu Dhabi.
Announced project cancellations and suspensions in the UAE
Project Value (US$mn) Client Status
Nakheel Harbour and Tower 38,000 Nakheel On hold
Al Salam City 8200 Al Rajhi Group, tameer Holding On hold
Asia-Asia Hotel 3270 Tatweer On hold
Al Salam City (Phase 1) 2700 Al Rajhi Group, Tameer Holding On hold
Dolphin City 1700 Emirates German Group On hold
Western region Aluminium Smelter Power Plant 1500 Abu Dhabi Water and Electricity Authority On hold
Nad El Sheba Racecourse 1300 Meydan LLC Cancelled
Redevlopment of Mina Rashid 1000 Nakheel On hold
Aqua Dunya (Dubvailand): Phase 2 950 Aqua Dunya On hold
Aqua Dunya (Dubvailand): Phase 1 950 Aqua Dunya On hold
Investment Corporation of Dubai (ICD) 817 Investment Coprporation of Dubai On hold
High Rise Boulevard 817 High Rise Real Estate On hold
Anara 800 Tameer Holding On hold
Plaza Mayor (Jumeirah Village) 800 Tasees, Makaseb Holding, Ishraqah On hold
Falcon City of Wonders (Dubailand) 680 ETA Star Cancelled
Atrium Project 654 Sunland Group On hold (for redesign)
Palm Deira: Mixed-use Building Project 600 Nakheel On hold
Palm Trump Hotel and Tower 600 Nakheel, Trump Organization On hold
The Vantage 545 Cirrus Developments On hold
Light Rail and Tramway (Dubai Waterfront) 500 Nakheel On hold
Rotating Tower (Jebel Ali) 500 Merjen Group On hold
Tiara United Towers 480 Investments, United Group Holdings On hold
Dubai Exhibition City 450 n/a Cancelled
Jumeirah Hills 450 Sama Dubai (Dubai Holding) On hold
Esplanade 422 Muzoon Holdings On hold
Cactus Theme 420 Nakheel On hold
Lagoon Club Hotel and Residences 400 Tourism Development and Investment Co On hold
Signature Towers (Business Bay) 400 Dubai Properties On hold
DRI and Meltshop Plant 400 Al-Tuwairqi Group On hold
Emivest - DSO - Towers 400 Emirates Investment and Development PSC On hold
International Powers/Mitsui - Umm Al Nar RO Plant 350 Abu Dhabi Water and Electricity Authority On hold
Replacement of Infirld Pipelines (Zakum Field) 350 Abu Dhabi Marine Operating Company On hold
Desert Gate Hotels and Towers 350 Bawadi Cancelled
X2 Towers 300 Al Odaid On hold
Borouge - Melamine Plant 300 Abu Dhabi Polymers Company Ltd (Borouge) On hold
Ain Al-Fayda 300 Al Qudra Real estate On hold
Sharjah Sports City 250 Government of Sharjah On hold
Tatweer Towers 250 Mizin On hold
Dubai Healthcare City - Phase 2 235 Tatweer On hold
Forbidden City 222 Nakheel On hold
Residential Towers on Plot 39 210 Emaar On hold
Porsche Design Towers (Business Bay) 200 Dubai Properties On hold
Pilkington Emirates - Float Glass Factory 200 Pilkington Emirates Cancelled
Sienna Square 150 Cirrus Developments On hold
Sea Gull Tower 145 East & West Properties On hold
Image Residences 137 Al Fara'a Properties On hold
Canal Point 136 Istithmar On hold
Seascape Topwer 135 East & West Properties On hold
Dubai Marina - Ice Tower 130 Mada'in Properties Abyaar Real Estate Investment On hold
Waters Edge (Busienss Bay) 125 Damac Properties Cancelled
Mina Rashid - Mixed-use Tower 110 Azizi Investments On hold
West End Tower 1 and 2 (Jumeirah Village South) 110 Al Rashid Investments On hold
Business Bay - Burjside Boulevard 100 Damac Properties On hold
Dolphon Towers 100 Damac Properties Cancelled
West Bay Tower (Business Bay) 88 Snasco, International Investment Bank On hold
Al Odaid - Palm Tower 80 Al Odaid On hold
Nadra Tower (Business Bay) 70 Tamweel Cancelled
Jumeirah Village - Green Park 50 Damac Properties On hold
Palm Island Hotel Resort 50 Al Fardan Group On hold
Source: HSBC Global Research
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