AME Info, Abu Dhabi, United Arab Emirates, real estate briefs
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By AME Info, Abu Dhabi, United Arab Emirates
Jan. 26--LEBANON REAL ESTATE DEALS DROP 12 percent: The number of real estate transactions in Lebanon has seen a 12.02 percent decline last year to 82,984, compared with 94,320 transactions in 2010, The Daily Star has reported. The total value of transactions fell by $640m to $8.84bn in 2011, down from $9.48 billion in the previous year. However, the average real estate transaction value was 6.01 percent higher at $106,533 up from $100,496 in 2010.
'NITAQAT', RELIANCE ON EXPATS FORCES CONSTRUCTION HALTS IN SAUDI: Several Saudi contracting firms have been forced to turn down huge public and private sector projects in the Eastern Province, due to the 'Nitaqat' system that aims at reducing reliance on expatriate workers and ensuring jobs for Saudis, Saudi Gazette has reported. "Contracting companies are facing problems because their workers run away in search of higher pay. The complicated Nitaqat procedures have made it impossible to find alternative sources of labour. So some companies have no alternative but to accede to the demands of their workers and increase their wages," a spokesman for a local contractor said.
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