Industry News

UAE builders face cash crunch of late payments, low margins

By 31st May 2019 No Comments

Pressure on contractors means some of the glamorous new mega-projects announced may fall well behind schedule.

Look at computer models for the Venice-like Arabian Canal proposed for central Dubai, or the plans for the world’s biggest shopping mall, and it seems as if the collapse of the UAE’s real estate market  six years ago never happened.

Citibank estimated earlier this year that there were already two thirds of a trillion dollars worth of construction projects underway in the UAE. That was before Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum unveiled models of the Mall of the World, a glassed-in city complete with an air-conditioned Times Square and Oxford Street and Earth’s biggest indoor theme park.

Continue Reading at Arabian Business

Originally published on 19 April 2019 by: