Dubai's Arabtec sees Nakheel 40 pct cash payment soon | Reuters

Dubai builder Arabtec expects payment in cash from troubled developer Nakheel to be made soon while payment in the form of a bond will take a few months, it chief financial officer said on Saturday.

The largest builder in the United Arab Emirates by market value has bid for enough work to achieve 7.4 billion dirhams ($2.02 billion) worth of orders in 2010, Ziad Makhzoumi told Dubai One TV in an interview on Saturday.

"We're still hopeful that we will get that soon, as they have announced that it will be some time in June," he said, referring to the outstanding cash owed by Nakheel, a unit of state-owned conglomerate Dubai World which agreed with its core creditor banks on a proposal to restructure $23.5 billion in debt.