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Sabic hit by construction costs
- Middle East: Thursday, December 13 - 2007 at 15:57
The increase in construction costs in the Middle East could force firms to cancel petrochemical projects, Saudi Basic Industries Corporation(Sabic) the world's largest chemical maker by market value, reported Reuters. Costs have surged by 50 per cent in the past four years, Sabic chief executive Mohamed Al-Mady said. Building costs are climbing across the oil-exporting Gulf Arab region, driven by increases in global prices for materials such as steel and competition among regional contractors working on $2.4 trillion worth of projects, which is pushing up wages.
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Amena Bakr, Senior ReporterThursday, December 13 - 2007 at 15:57 UAE local time (GMT+4)
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