Arabtec owed dues of Dh3.6b

The chief executive officer of Arabtec Holding, the UAE's largest construction company by market capitalisation, said yesterday it is owed dues of Dh3.6 billion with Dubai government and quasi-government entities owing 80 per cent of the total dues.

"The outstandings for Arabtec stand at Dh3.6 billion& 80 per cent of this outstanding amount is owed by Dubai government and quasi-government entities," Riad Kamal told reporters on the sidelines of a news conference here.

At the news conference, Abu Dhabi-based International Capital Trading (ICT) announced the award of a Dh1.6 billion contract to a joint venture comprising Arabtec Construction LLC and National Projects and Construction LLC.