Some Dubai-based construction contractors are concerned over when they will receive further payments from state-linked developers despite cash beginning to trickle into their accounts in the former Gulf Arab boomtown.
Five out of eight contractors contacted by Reuters said that while they had started receiving money from the developers, payments were still slow and way behind schedule.
Dubai, which owns stakes in major local developers, launched a $20 billion bond programme in February, issuing the first half to the United Arab Emirates central bank to enable the government to help firms meet debt and other obligations. "No, it's still not enough. We are waiting to see the full impact of the bonds filtering through to these companies," said a director of a large construction firm, speaking on condition of anonymity.
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