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Abu Dhabi Govt 'Takes Steps' to Pay Contractors

Abu Dhabi Govt 'Takes Steps' to Pay Contractors

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Published by Gill Wallace Hope
Confirmation from Abu Dhabi that Contractors etc will be paid and are a vital part of economy.
Confirmation from Abu Dhabi that Contractors etc will be paid and are a vital part of economy.

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Published by: Gill Wallace Hope on Jun 27, 2012
Copyright:Attribution Non-commercial

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06/27/2012

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Abu Dh
The Abuoff moneMonday.
 governmebehalf of tThe stateThe capitaboom that Abu Dhabiproperty mLast yearfunds frozThe Emiraprices in A  Abu Dhabi Aldar Prop"The Aburanging in"One maypayments
 
payment a
abi govt 't
habi governowed to co
t entities," the governmenent did not gil has been pudrew contracthas fared bettarket that trig Abu Dhabi laun and numeroe now facesbu Dhabi are e, which rescuerties, which lDhabi Governmagnitude froappreciate this a highly co
 
re to a certain
akes step
ment said ittractors wor
Abu Dhabi O.e any furtherping billionsrs from all over during the
 
gered the restnched a stratus top-level mhallenges as
 
xpected to falld Dubai withnded in debtment and itsm several hunat the monitmplex proces
 
extent inevita
' to pay c
had taken "aking on billi
 
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as much as 1$10bn bailofter a buildingrelated entitired thousandring of progr, and that in
 
le."
ntractors
ppropriate stns of dollar
ction companlow and irreguntities, in soml value for theies to contracbillion dollars,ction industry.u Dhabi gove
 
ding payment
 
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eps" to makworth of co
ies, consultalar payments f e cases leadinamount owedtors has beenaccording tonment is fully
 
s to contractoall these obligications said id been taken.ure and tourisn neighbourin
 
ubai World.spending thatomes is expe
 
ccording to an equal amouly managingirhams," the sn of contractportfolio of p
 
sure its entstruction pr
 
cy and archirom some Abto severe finby the Abu Dmade public,estimates byaware of its ors, and has ta
 
ations are men a statementm projects, crDubai, which
 
saw major prcted to enterReuters poll of nt on its ownell over 1,30atement said.al obligationsojects some
 
ities would pojects, it sai
 
tectural firmsDhabi governncial difficultiabi governmebut it is likelythree sourcesligations in te
 
ken the appr
 
t by the respissued to Reutating a constsaw a collaps
 
ojects pushedhe market. Hanalysts in Jastruggling dev0 different pr, and schedulelays in deliv
 
ayon
havement-s.nt andto bein therms of priate
 
nsibleers onuctionin itsback,ousing
 
uary.eloperojects,ing of ery or

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