Dubai Properties, a unit of troubled conglomerate Dubai Holding, said on Thursday it was not entering a restructuring after one of its partners had suggested that the builder may embark on one.
"Dubai Properties Group (DPG) is not restructuring. DPG honours all of its commitments. We continue to maintain a good relationship with all our partners, including Arabtec," the company said in a statement sent to Reuters. Its comment came after remarks by Tom Barry, chief executive of Dubai-based builder Arabtec , who said on Wednesday Dubai Properties may enter restructuring.
Barry clarified on Thursday his remarks "were with particular regard to payments which are, or about to become, due to Arabtec".
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