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Contractors seek guarantees from Nakheel

Contractors in Dubai say they would not proceed on future projects with debt-laden Nakheel unless they get payment guarantees from the developer, Meed has reported. While Nakheel is expected to tender new projects after recently saying it is planning to expand expand two shopping malls and build fiver new shopping centres, contractors remain cautions about working for the developer again. 'It all depends on the payment guarantees. We would want a letter of credit from the banks, or upfront payments,' an international contractor was quoted as saying by the magazine.