Part of the presentation was a comparison of receivables and parables in these markets including Dubai. It was stated that the receivables were mainly due from various entities in Dubai including public companies, government related entities and real estate developers.
What was reported by some of the press, regarding the majority of these due amounts, being mainly from the Government of Dubai, is inaccurate. In the press reports some of the data was reported out of context and blatantly misquoted, either as fact, intention or interpretation.
Arabtec would like to clarify that the receivables due direct from the Government projects represent a small part of the total amounts and that payment for these specific projects are flowing in a timely manner and in accordance with the contractual agreed terms.
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Arabtec Holding clarifies receivables due from government projects
- United Arab Emirates: Wednesday, May 13 - 2009 at 15:41
- PRESS RELEASE
Arabtec Holding would like to state that it has held an investors conference attended by many fund managers and financial advisors, to provide them with more details about the activities of the company and its future strategy and plans in the various markets it operates in.
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For further information, please contact:Bassam Al Naimi
SAHARA Communications
+971 4 3298996
Posted by Rima Ali Al MashniWednesday, May 13 - 2009 at 15:41 UAE local time (GMT+4)
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