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Sod the rest of you eh!
Dubai to prioritise payments to favoured contractors
Published: 24 April 2009 15:25Author:Matthew Martin | More by this AuthorLast Updated: 24 April 2009 15:25 Dubai will only settle debts with contractors it wishes to work with in future, despite receiving $10bn from the Central Bank of the UAE to meet its obligations, according to sources close to the distribution of the rescue package. |
Re: Sod the rest of you eh!
Originally Posted by rowell
(Post 7524816)
Dubai to prioritise payments to favoured contractors
Published: 24 April 2009 15:25Author:Matthew Martin | More by this AuthorLast Updated: 24 April 2009 15:25 Dubai will only settle debts with contractors it wishes to work with in future, despite receiving $10bn from the Central Bank of the UAE to meet its obligations, according to sources close to the distribution of the rescue package. |
Re: Sod the rest of you eh!
From what I heard, developers have been told to negotiate all outstanding payments to contractors/other creditors down by 40% and only then will they be allowed access to the funds.
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Re: Sod the rest of you eh!
yup, brilliant example of ethical business practise and amazing forethought there.
when things eventually pick up and they will eventually although not to previous levels, you'll find the metro extension, new bridge or whatever will be being built by flip flop limited with a work guarentee of 5 minutes post construction.......idiots |
Re: Sod the rest of you eh!
yeah, and the number of companies willing to bid for work will be astounding... or they'll factor the newly-realised risk factor into their price. I hope Dubai finds loads of money from somewhere, 'cos they're going to pay for it!
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Re: Sod the rest of you eh!
Originally Posted by IndieG
(Post 7524984)
From what I heard, developers have been told to negotiate all outstanding payments to contractors/other creditors down by 40% and only then will they be allowed access to the funds.
TBH, I won't believe we are getting anything until we actually have it in the Bank but I am told there were definite&positive expressions of intention to pay at a big meeting yesterday so I have everything crossed.:fingerscrossed: |
Re: Sod the rest of you eh!
Expat doesnt pay his/her debt = prison.
Local companies don't pay their massive debts = cash gift from govt. sums it up really! |
Re: Sod the rest of you eh!
Originally Posted by Inselaffen
(Post 7525515)
Expat doesnt pay his/her debt = prison.
Local companies don't pay their massive debts = cash gift from govt. sums it up really! |
Re: Sod the rest of you eh!
Originally Posted by Eva
(Post 7525521)
You don't wanna get me started on that one Inse!!!.........
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