Dubai contractors face cash flow crisis – FT.com

FT.com reports

“Some contractors and consultants have not been paid for up to six months, and large Dubai-affiliated developers owe billions of dollars, according to contractors, lawyers and executives…”

SOURCE: FT.com / Middle East – Dubai contractors face cash flow crisis

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Arabian World Construction Summit

Over 500 delegates and 60 industry experts will attend the Arabian World Construction Summit (AWCS) 2009 to discuss the changing face of the region’s construction industry in light of the global economic downturn.

To be held from 9-11 February at the Emirates Palace Hotel, Abu Dhabi, UAE the summit will witness experts deliberating on key factors that will help the industry tide over the toughest crisis in more than 10 years.

Richard Thompson, Editor for MEED, said: “The construction industry in the region has enjoyed dynamic growth over the past few years but we have witnessed demand stagnating for the first time in a decade following the global economic situation. This is compounded by master developers placing projects on hold to focus more on riding out the current conditions and meeting tight deadlines for developments already underway.”

Key industry leaders who will lead panel discussions at AWCS 2009 will include Abdul Majeed Al Fahim, Chairman of Pearl Dubai, Ali H. Kolaghassi, Vice-President – Corporate Business Development with Saudi Oger, Sami Asad, Chief Operating Officer of Aldar Properties, and Mounir D. Haider, CEO of Sorouh Real Estate.

http://www.arabianconstructionsummit.com/


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