testwow

Abu Dhabi govt ‘takes steps’ to pay contractors

The Abu Dhabi government said it had taken “appropriate steps” to make sure its entities would pay off money owed to contractors working on billions of dollars worth of construction projects, it said on Monday.

Construction companies, consultancy and architectural firms have faced slow and irregular payments from some Abu Dhabi government-linked entities, in some cases leading to severe financial difficulties.

No total value for the amount owed by the Abu Dhabi government and its entities to contractors has been made public, but it is likely to be several billion dollars, according to estimates by three sources in the construction industry.

“The Abu Dhabi government is fully aware of its obligations in terms of outstanding payments to contractors, and has taken the appropriate steps to ensure that all these obligations are met by the responsible government entities,” the Abu Dhabi Office of Government Communications said in a statement issued to Reuters on behalf of the government.

The statement did not give any further details on what measures had been taken.

by CW Staff, Jun 26, 2012

http://www.constructionweekonline.com/