The government of Dubai, the second largest sheikhdom in the United Arab Emirates, denied a press report that it will not settle all of its debts with construction companies.
“The government of Dubai will continue to meet all its contractual obligations, including to construction contractors,” Dubai’s department of finance said today in an e- mailed statement. The government “has no intention to limit at any time the number of contractors licensed to operate in the emirate.”
The government statement was a response to an April 24 article in MEED magazine that said that Dubai will only settle debts with contractors that it wants to work with in the future.
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