Dubai: Construction firm Arabtec has accepted property developer Nakheel's debt repayment offer of cash and new debt, its chief executive said Wednesday.
Riad Kamal confirmed to Reuters a report carried in an Arabic daily that the largest listed contractor in the United Arab Emirates had accepted repayment through 40 per cent cash and 60 per cent in a tradeable security with a 10 per cent annual return.
The proposal is part of Dubai's $9.5 billion (Dh34 billion) rescue plan for Nakheel's parent, state-owned Dubai World, unveiled last month.
The conglomerate is in talks with lenders to restructure $26 billion in debt.
