Dubai Properties, a unit of troubled conglomerate Dubai Holding, is expected to enter restructuring, according to the head of builder Arabtec (ARTC.DU), which is owed money by the firm.
Asked how he knew a restructuring was likely, Arabtec CEO Tom Barry said he was in discussion with the developer over the payment for four completed projects.
But Arabtec, the builder of the world's tallest tower in Dubai and Emirates' largest builder by market value, still expects to get paid. "I believe funds will be available to them because I trust in Dubai," Barry told reporters on the sidelines of an industry event in Dubai on Wednesday.
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