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Arabtec expects Nakheel payout by July
Major Dubai builder Arabtec has revealed it expects some form of payment from Dubai World-owned developer by the end of June.
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.