Dubai has delayed or cancelled almost 59 construction projects worth a total of US$75bn, according to a new report by HSBC.

Most of the projects are high-end residential and commercial developments.

"The worst news has seen cancellations of entire projects, even though they appeared at advanced stages of construction," the bank said in a note on Arabtec Holding, one of Dubai's largest construction firms.

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Posted by boyang at February 5, 2009 9:27 PM