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Industrial and energy project values fall
- Middle East: Monday, August 24 - 2009 at 15:53
The value of energy and industrial investments in the UAE has dropped by 17% in the first seven months of this year due to continuous liquidity problem and investors low-risk appetite. Emirates Business analysis of data from ProLeads reveals that the value of projects plummeted from $213bn (Dhs781.7bn) for 245 projects in January to $175bn for 193 projects in July. The 19 industrial projects, which mostly involve district cooling, are now down to nine, pushing the value to $4bn from $5bn. Oil and petrochemical projects were down 12% and 9% respectively, while power and water saw bigger drop of 43% to 25% respectively. Oil projects, which were valued at $50bn, are now $44bn, while petrochemical projects that were valued at $33bn are down at $30bn. Gas was the only sector that saw an increase, which was primarily due to Abu Dhabi's gas expansion program. (Mac Capital Advisors)
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StaffMonday, August 24 - 2009 at 15:53 UAE local time (GMT+4)
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