Here's the title of the latest release from Arabtec:
The most interesting part of the statement is the final paragraph, in light of some previous statements by the company to reporters. Arabtec says that it "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".
On May 9,
Riad Kamal
, the chief executive, said: "The outstandings for Arabtec stand at Dh3.6 billion& 80 per cent of this outstanding amount is owed by Dubai government and quasi-government entities",
. He
that the amount was Dh3bn, but also quoted the 80 per cent number.
We are sending out a request for more information to Arabtec to clear up this discrepancy. Their statement does not include a new number.
UPDATE
: A source close to the company said that Arabtec felt like some of the articles made it seem like the Dubai Government owed them money, rather than the companies that are owned or partially owned by the Dubai Government. Hence, the statement.
