Home > Overseas Property News

Dubai contactors still waiting for payment



Country:  Dubai, United Arab Emirates

12 May 2009 

Dubai property contactors are still owed billions of pounds from developers, some of which are government owned, and are insisting on guarantees that they will be paid soon.

The largest contractor in the UAE, Arabtec, states that it is currently owed close to £550m, most of which is due from the government, and is now pressing for an urgent meeting to resolve the matter.

“We feel quite secure the money is going to come eventually. It's a question of if it's going to come in good time to be able to sustain the outlook and commitments that we have with our suppliers and sub-contractors,” the company’s chief executive Riad Kamal said.

With money still outstanding Arabtec has decided to look for work elsewhere, and has just started work in Saudi Arabia and is also eyeing up projects in Libya and Algeria.

Many contractors in Dubai now face the prospect of going bust.


See Also:   Dubai, UAE


<< Previous News item
Within Dubai
With tag "Dubai"
With tag "UAE"
Next News item >>
Within Dubai


Some properties in Dubai, United Arab Emirates

Dubai Gate 2 - Jumeirah Lake Towers, Dubai, United Arab Emirates

Dubai Gate 2 - Jumeirah Lake Towers, Dubai, United Arab Emirates

Price: £264,880

Type: Apartment

Bedrooms: 1,2,3

DUBAI GATE 2
JUMEIRAH LAKE TOWERS
1 BEDROOM PLUS DINING ROOM
18TH FLOOR FANTASTIC VIEWS


The Fairways - Dubai, United Arab Emirates

The Fairways - Dubai, United Arab Emirates

Price: £299,300

Type: Apartment

Bedrooms: 1

· Project: The Fairways
· Developer: EMAAR
· Tower: T1 / West
· Type: 1 BR
· Suite area: 709 Sq ft


Ref 1055026, Bahia, Itacare, Brazil

Ref 1055026, Bahia, Itacare, Brazil

Price: £369,855

Type: House

Bedrooms: 3

THE DEVELOPMENT
One of the most exclusive Eco Beach Resorts in Brazil, this stunning development is hard to beat. Set on a plot of 2 000 000m2, the location of this development is truly magnificent.


Ref 1055025, Bahia, Itacare, Brazil

Ref 1055025, Bahia, Itacare, Brazil

Price: £390,402

Type: House

Bedrooms: 3

THE DEVELOPMENT
One of the most exclusive Eco Beach Resorts in Brazil, this stunning development is hard to beat. Set on a plot of 2 000 000m2, the location of this development is truly magnificent.


02 Residence -Jumeirah Lake Towers, Dubai, United Arab Emirates

02 Residence -Jumeirah Lake Towers, Dubai, United Arab Emirates

Price: £435,654 GBP

Type: Apartment

Bedrooms: 3

This luxurious 3 Bedroom apartment is a distress sale and is offered below market price.
Located in one of the prime Towers in the most sought after location in Dubai – O2 Residence in Jumeirah Lake Towers<


Dubai, United Arab Emirates

Dubai, United Arab Emirates

Price: £641,148

Type: Apartment

Bedrooms: 3

3 Bedroom Fully Furnished and Maid's Apartment.


2 BR Mansions @ Burj, Dubai, United Arab Emirates

2 BR Mansions @ Burj, Dubai, United Arab Emirates

Price: £1,432,557 GBP

Type: Apartment

Bedrooms: 1,2,3

The Mansion at Burj Dubai is an architectural masterpiece, its unique value proposition is that all homes within the 60-storey tower open to direct views of Burj Dubai, the world's tallest building, and the magnificent fountain on Burj Dubai Lake.220


Al Seef II @ Jumeirah Lake Towers, Dubai, United Arab Emirates

Al Seef II @ Jumeirah Lake Towers, Dubai, United Arab Emirates

Price: £1,864,970 GBP

Type: Penthouse

Bedrooms: 5

Developer Deyaar
Penthouse, Top floor
Full lake view
Floor 38
Area: 5,765 sq.ft


Unit-G18 - The Greens, Dubai, United Arab Emirates

Unit-G18 - The Greens, Dubai, United Arab Emirates

Price: AED2,600,000

Type: Apartment

Bedrooms: 2

Unit-G18
Area-1350 sq ft
Garden-850sq ft
SP net.-AED-2,600.000<


featured properties

Price: £264,880

Bedrooms: 1, 2 & 3

The beautifully designed tower provides luxury homes with breathtaking views of the lakes and lush green gardens.

More