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.
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