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Arabtec seeks Nakheel payment by June-end
ABU DHABI - Dubai-based construction giant Arabtec expects that it will receive cash payments by the end of June from Nakheel, which last week announced proposals to restructure its debt.
This was disclosed on Monday by Arabtec Chairman Riad Kamal, speaking to reporters on the sidelines of the third Arabian World Construction Summit.
However, Riad said that it might take three to four months to get the bond paymentsannounced by Nakheel as part of the debt restructuring.
Nakheel had announcedthat its key lending banks had accepted debt restructure proposals and accordingly its trade creditors have been offered full repayment, with 40 per cent in cash and 60 per cent in the form of an Islamic bond, or sukuk, which has a 10 per cent annual return. It is this 40 per cash that Arabtec is hoping to receive by end of June, Riad said.
He further said the cash to be received from Nakheel would be utilised to pay Arabtec’s suppliers and subcontractors in the country. According to him, the company would not need to raise additional cash for its projects outside the UAE as they are “more or less self-financed.”
He said the “door is still open” for future co-operation with Abu Dhabi’s Aabar Investments, even though the two firms had earlier scrapped a merger proposal, in which Aabar was supposed to invest $1.7 billion in Arabtec.
10,000 employees in Saudi Arabia
Riad said the company it was planning to jack up its workforce in Saudi Arabia to 10,000 by the end of the current year from the existingof 6,000.
“We are working on more deals in Saudi Arabia,” he said.
Arabtec is expanding overseas to diversify its portfolio instead of focusing on Dubai alone, in the wake of the ongoing lullin its property sector.
Expressing concern over the squeeze in margins in the UAE’s construction sector, he said with the growing competition many construction companies are undertaking projects with very low margins or with no margins at all.
“As a listed company we cannot undertake projects without significant margins, because we have to meet our share-holders expectations.”
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