UAE: Booming real estate projects boost construction claims
Construction claims in the UAE have gone up 10 times compared to five years ago, hitting $4 billion last year. With an estimated $30 billion in ongoing construction and real estate projects, live contractual claims could run to hundreds of millions of dollars, according to industry sources, cited by Khaleej Times.
A source with one of the leading insurance companies in Dubai, told the newspaper that claims lodged by contractors within the UAE were soaring as contractors are hit by project delays and contractual variations.
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