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Arabtec says it has cushion to absord downturn
- United Arab Emirates: Thursday, December 11 - 2008 at 08:08
The chief financial officer of Arabtec Holding, the UAE's largest construction company, said he expects the company's more than Dhs43bn ($11.7bn) order book to help it cushion the impact of a downturn in Dubai's property industry. Ziad Makhzoumi told Bloomberg that the growth rate in Dubai will fall substantially in 2009 although it will not be negative. He added that Arabtec has 'no immediate plan' to cut its workforce as none of its projects have been delayed, although some future orders may be rescheduled or redesigned.
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Jeff Florian, Senior ReporterThursday, December 11 - 2008 at 08:08 UAE local time (GMT+4)
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