Al Habtoor Leighton Group, the construction company partly owned by Australia’s largest builder, said getting paid in Dubai remains “challenging” as the financial crisis curtails lending.
“Definitely payment, primarily in Dubai, has been very challenging,” managing director David Savage said in a phone interview. “We continue to work with our partners, clients, subcontractors and suppliers to manage the situation, but I think at the moment liquidity generally is very challenging.”
Construction companies in Dubai have been hit by a lack of financing, causing project cancellations and payment delays. About 400 projects worth more than $300 billion have been put on hold or canceled in the United Arab Emirates, Proleads Group said in July. The worst global financial crisis since the 1930s weakened demand for properties as banks curtailed mortgage lending and speculators left the market.
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