Eshraq Properties has revealed it is owed almost Dh500 million (US$136.1m) in overdue payments, only months after receiving approval to list on the Abu Dhabi Securities Exchange.
One of Abu Dhabi's highest-profile property developers, Eshraq reported a loss for the third quarter of Dh919,117 on Sunday. The developer did not report any revenue from the handover of properties during the period.
But among the disclosures in the company's financial statements are Dh499.3m worth of unpaid trade receivables that are at least two months in arrears, an amount described as "shocking" by one industry expert, who asked not to be named. Such debts have swelled by 41 per cent since the end of last year.
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