Cost of building materials up 50% in Gulf
Middle East: Wednesday, July 09 - 2008 at 07:39
The costs of building materials in the Gulf region jumped 50% during the first half of the year following a 30% hike last year, said regional real-estate developer Al Mazaya Holding Company in a statement yesterday. The Kuwaiti-based company said this was due to inflationary pressures in the region that also prompted skilled and unskilled labourers to leave the UAE, where some 60% of the residents are of Asian origin.
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Jeff Florian, Senior ReporterWednesday, July 09 - 2008 at 07:39 UAE local time (GMT+4)
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