Dubai builder Arabtec (ARTC.DU) will not reverse provisions in 2011 and has no immediate plans to issue a shelved $150 million convertible bond, its chief financial officer said.
The emirate's largest builder by market value is looking to eventually more-than-double its workforce to 25,000 in Saudi Arabia as it continues to shift its focus to other markets following a real estate collapse in Dubai.
"We had to take provisions as some developers were facing difficulties. Most of these developers are paying us back, but we're not doing reverse provisions yet," Ziad Makhzoumi told the Reuters Global Real Estate and Infrastructure Summit in Dubai.
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