Saudi Arabia has delayed more than SAR500bn (US$133bn) in public work projects across the kingdom, including 166 in major cities, Arab News reported on Sunday, citing an unidentified report.
The kingdom is the largest real estate market in the region and valued at around US$648bn, according to Citigroup’s MENA Construction Projects Tracker, published in November 2011.
It claimed Saudi Arabia was one of the main driving forces of MENA project awards in 2011.
The study found the number of cancelled and on hold across the main MENA markets stood at US$1,744bn, while it put the total number of projects cancelled or delayed in Saudi Arabia at $354bn.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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