| Kippreport.com

Arabtec expects Nakheel payout by July

May 24, 2010 3:57 by Samuel Potter

Arabtec, the Dubai-based building giant, expects to receive at least some payments from UAE developer Nakheel before the end of June, according to its chief exec.

Maktoob.com reports that the exact amount to be repaid by Nakheel remains unknown, but that, of the total owed to Arabtec, 40 percent could be paid in cash in June, and the remaining 60 percent would take the form of bonds issued over the next three to four months. Riad Kamal, chief executive of Arabtec, told reporters it was a “fair deal.”

In further good news for the industry, Kamal announced that the cash injection would be used to pay Arabtec’s suppliers and subcontractors in the UAE.

Tags: Arabtec, building, Construction, debt, Dubai World, nakheel, repayment, UAE