12 July 2010
Arabtec Holding has received payment from Nakheel representing 40 per cent of its arrears, Thomas Barry, chief executive officer of Arabtec Construction confirmed.

The payment was received on July 8, Barry told Bloomberg.

Nakheel said on June 30 it started making 40 per cent cash payment to its biggest contractors after initial payments to trade creditors with claims of dhs500,000 or less.

Barry also said that Gazprom Neft hadn't changed plans for its 400m tower in St Petersburg.

Arabtec Holding won the dhs10 billion ($2.7 billion) contract to build the complex.

Gazprom Neft's skyscraper plan is opposed by 72 per cent of residents in the city, a poll published in October showed.

© 7Days 2010