Gulf builds hotels worth $140 bln amid crisis-study | guardian.co.uk
Gulf Arab countries have more than $140 billion worth of hotel projects under construction, with just 19 percent being suspended or canceled as the industry faces a global slowdown, a survey showed on Sunday. Of 893 hotel projects surveyed in the Gulf, 5 percent had been canceled, 14 percent put on hold, and 42 percent were under execution, showed the survey by research house Preloads Global. The rest were under study, planning, bidding, design, or had been completed.
