Unpaid bills nudge Arabtec into Africa | beyondbrics | FT.com
Arabtec, the largest listed contractor in the Gulf, may have made its name building many of Dubai’s towering ziggurats – including the Burj Khalifa, the world’s tallest tower – but the company is busting a lung trying to diversify its business away from the debt-straddled emirate.
Q1 disappointment
Its first quarter profits disappointed many analysts by falling 17 per cent to Dh134.5m ($36.6m), while revenue declined the same amount to Dh1.56bn, and unpaid bills continue to cast a pall over the contractor. Question marks also surround the firmness of its reported Dh22.7bn of backlog orders.
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