Business | General
Dubai pays public infrastructure project fees
Finance department explains slight delays were caused as they focused on finalising budget.
- Reuters
- Published: 23:04 February 10, 2009
Dubai: The Dubai government has paid all outstanding obligations for public sector infrastructure projects, including contractors, following a short delay, the head of the emirate's finance department said on Monday.
The cost of insuring Dubai's debt with credit default swaps has been widening for months on concerns that government-linked firms could default on loans as the Gulf Arab trade and tourism hub goes through a real estate downturn. Outstanding payments related to public infrastructure projects, including a metro network and airport expansion, are now complete, Nasser Al Shaikh, director-general of the Dubai Department of Finance, said.
"As of today, we are up to date with all payments ... for all public infrastructure projects," Shaikh said. "There were slight delays because we were focused on the 2009 budget."
Dubai's property sector is slowing with the effect of the the global financial crisis.
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