Sunday, Jun 06, 2010
ABU DHABI (Zawya Dow Jones)-Dubai World's property arm Nakheel has started paying contractors owed less than 500,000 U.A.E. dirhams ($136,240) and will resume work on short-term projects within weeks, local daily Al Bayan reports Sunday citing a Nakheel spokesperson.
"Nakheel has already begun to pay claims by contractors that carry a value each of less than 500 thousand dirhams," a spokesperson for the government-owned company said in an e-mailed response to questions, the paper said. The spokesperson didn't give a total value or number of claims under AED500,000, according to the paper.
"Construction will resume on all short-term projects that were delayed to restructure the company," and work could start in a few weeks, the spokeperson said, according to the paper.
A Nakheel spokesperson wasn't immediately available for comment when called by Zawya Dow Jones.
News website: http://www.albayan.ae/
-By Nour Malas, Dow Jones Newswires, +97150 2890223; nour.malas@dowjones.com
Copyright (c) 2010 Dow Jones & Co.
(END) Dow Jones Newswires
06-06-10 0834GMT
