Arabtec sees cash payment by Nakheel, then a bond

Dubai: Dubai builder Arabtec expects payment in cash from Nakheel to be made soon while payment in the form of a bond will take a few months, it chief financial officer said Saturday.

The largest builder in the UAE by market value has bid for enough work to achieve Dh7.4 billion worth of orders in 2010, Ziad Makhzoumi told Dubai One TV yesterday.

"We're still hopeful that we will get that soon, as they have announced that it will be some time in June," he said, referring to the outstanding cash owed by Nakheel, a unit of state-owned conglomerate Dubai World which agreed with its core creditor banks on a proposal to restructure $23.5 billion (Dh86.4 billion) in debt.