OREANDA-NEWS  On 15 December was announced, that the investment projects will be developed in Moscow next year less than in 2008, Sergey Omelchenko, deputy head of Department of Urban Development of Moscow, declared on December 11.

“A part of the objects to be developed which are financed by investors will see a decrease in 2009. The social housing programs and the civil engineering will be implemented according to the course traced in early 2008,” the official said.

According to him, it hasn’t been evaluated yet how many developments will be suspended in 2009.

“This issue is still vague, it is under discussion right now,” Mr Omelchenko added.

It is clear that a number of the investment contracts on construction in Moscow is going down, so the city will need less foreign employees, the biggest share of whom, roughly 40 per cent, is currently involved in the work for the Associate Board of Architecture, Construction, Development and Reconstruction of Moscow.

“Some foreign companies running the developments in Moscow have already informed that they are completing the objects this year and intend to send the guest workers back to their homelands,” the deputy head of Department of Urban Development of Moscow noted.