British construction companies are chasing GBP200M worth of unpaid bills in the United Arab Emirates, mostly in Dubai, where the real estate industry is reeling from the global economic downturn, an officer at a U.K. business group said.
"There's still quite a lot outstanding and possibly well in excess of 50% outstanding," Nelson Ogunshakin, chief executive of U.K. trade body the Association for Consultancy and Engineering, or ACE, which represents about 800 construction firms, told Zawya Dow Jones in a telephone interview Monday.
In May ACE said British construction companies were owed GBP400 million by U.A.E.-based real estate developers, mostly in Dubai. While progress has been made in recouping some of the money owed to contractors, settlements are still "not coming in fast enough" and the situation remains a concern, said Ogunshakin.
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