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Dubai Properties says not undergoing restructuring
Its comment came after remarks by Tom Barry.
November 25, 2010 4:09 by Reuters
Dubai Properties, a unit of troubled conglomerate Dubai Holding, said on Thursday it was not entering a restructuring after one of its partners had suggested that the builder may embark on one.
“Dubai Properties Group (DPG) is not restructuring. DPG honours all of its commitments. We continue to maintain a good relationship with all our partners, including Arabtec,” the company said in a statement sent to Reuters. Its comment came after remarks by Tom Barry, chief executive of Dubai-based builder Arabtec , who said on Wednesday Dubai Properties may enter restructuring.
Barry clarified on Thursday his remarks “were with particular regard to payments which are, or about to become, due to Arabtec”
Arabtec, the builder of the world’s tallest tower in Dubai and the Emirates’ largest builder by market value, is in talks with the developer over payment for four completed projects, Barry had said.
Restructuring of some units of Dubai Holding, Dubai Properties’ parent company, is under way.
Concerns about Dubai’s liabilities, estimated at around $115 billion, have eased after state-owned Dubai World reached a deal in September to restructure almost $25 billion of debt.
But worries persist about the debt owed by key firms such as Dubai Holding. Dubai and its firms face some $30 billion of debt maturing in 2011-2012.
(Reporting by Tamara Walid; editing by David Hulmes)