08 May 2011
DUBAI -- The North African real estate sector continues to be adversely affected by the wave of unrest sweeping the Arab world, the New York Times reported on May 4, citing Zawya data.
Developers, including major ones from the Gulf and Turkey, have put several projects on hold, the newspaper said on its website. Emaar Properties, one of the largest developers in the UAE, has four projects stalled in Algeria, according to Zawya data cited by NYT.
Zawya's data show that a USD500 million plan to expand the Sabha Airport in southern Libya has also been put on ice. The contractors on the project are Consolidated Contractors, based in Athens, and the Turkish company TAV.
"Going forward, we expect more projects to be put on hold," Talal Malik, a Zawya analyst in Beirut, told the American newspaper. "At the moment, it is particularly difficult to get information from developers on progress."
Dubai-based Damac Properties has halted a USD16.3 billion luxury residential and tourism development, Gamsha Bay, on Egypt's Red Sea coast.
Sheikh Khalifa Bin Zayed City, a USD100 million project near Cairo planned by the Abu Dhabi Municipality in conjunction with Egypt's Ministry of Housing and Emaar's wholly owned Egyptian unit, Emaar Misr, is also on hold.
Other building programs, however, are still going ahead, the NYT said. In Egypt, Emaar has several projects under way or in the final stages of planning.
Out of USD150 billion worth of projects, more than USD23 billion are now on hold in North Africa, according to Zawya's data for the first quarter of 2011.
Emaar's four stalled Algerian projects include two mixed-use tourism, residential and commercial programs, the Algiers Bay Waterfront Development and the Colonel Abbas Resort; the Sidi Abdellah new town and technology park; and a modern health care city outside Algiers, according to Zawya.
Read the story on NY Times here.
© Zawya 2011
DUBAI -- The North African real estate sector continues to be adversely affected by the wave of unrest sweeping the Arab world, the New York Times reported on May 4, citing Zawya data.
Developers, including major ones from the Gulf and Turkey, have put several projects on hold, the newspaper said on its website. Emaar Properties, one of the largest developers in the UAE, has four projects stalled in Algeria, according to Zawya data cited by NYT.
Zawya's data show that a USD500 million plan to expand the Sabha Airport in southern Libya has also been put on ice. The contractors on the project are Consolidated Contractors, based in Athens, and the Turkish company TAV.
"Going forward, we expect more projects to be put on hold," Talal Malik, a Zawya analyst in Beirut, told the American newspaper. "At the moment, it is particularly difficult to get information from developers on progress."
Dubai-based Damac Properties has halted a USD16.3 billion luxury residential and tourism development, Gamsha Bay, on Egypt's Red Sea coast.
Sheikh Khalifa Bin Zayed City, a USD100 million project near Cairo planned by the Abu Dhabi Municipality in conjunction with Egypt's Ministry of Housing and Emaar's wholly owned Egyptian unit, Emaar Misr, is also on hold.
Other building programs, however, are still going ahead, the NYT said. In Egypt, Emaar has several projects under way or in the final stages of planning.
Out of USD150 billion worth of projects, more than USD23 billion are now on hold in North Africa, according to Zawya's data for the first quarter of 2011.
Emaar's four stalled Algerian projects include two mixed-use tourism, residential and commercial programs, the Algiers Bay Waterfront Development and the Colonel Abbas Resort; the Sidi Abdellah new town and technology park; and a modern health care city outside Algiers, according to Zawya.
Read the story on NY Times here.
© Zawya 2011
