Tough times for contractors

Dubai construction firms face ruin.

A number of contractors could go out of business over the next three to four months due to a combination of project cancellations and continued labour and overhead costs, the managing director of a leading Dubai industrial construction firm has said.

 March would be crucial for the industry in the UAE as by then it would become clearer which projects banks were willing to lend money to finance, Minoo Jamaji, MD of Roshan Construction, said.

He said his own firm had seen the value of the contracts in its order book for 2009 slide by around 15 to 20 percent to Dhs1.5 billion during the last four months because of projects being cancelled or delayed.

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