Mideast construction contracts delayed by euro woes
UK firm, Carillion Plc, says market conditions have halted some infrastructure projects in the Middle East
Carillion Plc, the UK-headquartered support services and construction firm, has said that market conditions within the six months of this year, caused by the euro-zone crisis, have halted some infrastructure projects in the Middle East.
Major maintenance firm on railway and military basis, in addition to maintaining construction projects all throughout the Middle East and UK. Although it has suffered from challenges from the market, profit has grown $54.9bn. The region represents 20% of the firm’s profit, which aims to profit from the rising construction rate it will witness in the upcoming short and long term.
One major event spiking up investment in the Middle East is Qatar’s 2022 Football World Cup, alongside social and energy construction projects taking place in neighbouring states like Oman and Saudi Arabia.
Meanwhile, the weary euro zone sovereign debt crisis has spilled onto building projects in the Middle East, where several plans have been put on hold due to the lack of funding.
