Thursday, May 28, 2009

Hope for contractors

Something I've been on about for a while, the payment of long outstanding invoices from contractors by our major developers, seems to be coming to some sort of a conclusion.

Nakheel has been the one most often mentioned but now says that it has received funds from the government of Dubai, presumably from the $10 billion bond fund, and some of the funds will be used for payments to contractors.

They don't give any figures but let's hope they bring all their outstanding invoices up to date. That would be a relief to a lot of companies, and their employees, and get a significant amount of money working its way through the economy.

Zawya have a short report here.

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