A third of tourism projects in UAE may be cancelled

04 December 2008

One-third of the tourism projects being planned in the UAE will be cancelled because of the increasing difficulty of financing these projects, reported The National, citing Alex Kyriakidis, the global managing partner of tourism, hospitality and leisure at Deloitte. Of the remaining projects, a third will be delayed and only a third will be delivered on time, he added. One of the major reasons that these projects will be delayed or cancelled is because banks and investors still regard these projects as being part of the real estate industry, 'which is not doing very well now', he added.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications