Labor shortages in KSA to delay projects

(MENAFN) Consultancy firm Jones Lang LaSalle said that labor shortages in Saudi Arabia will delay real estate projects and increase construction costs, Arabian Business reported. The firm said that the low number of available workers will hit development plans although demand for capital projects in Jeddah and Riyadh is strong. "Real GDP growth is forecast to be four percent in Saudi Arabia for 2013 and Saudi banks are increasing their lending to real estate end users to the highest level recorded during the last five years," CEO of Jones Lang LaSalle in MENA said.