Arabtec stops work on Nakheel project for Non-Payment

Arabtec Holding Co., the United Arab Emirates’ largest construction company, stopped work on a project for state-owned developer Nakheel PJSC for lack of payment, Chief Executive Officer Riad Kamal said.

Kamal said there was no delay in payments from the government of Dubai for state projects, according Bloomberg.

Aabar Investments PJSC, the Abu Dhabi government controlled company, was still carrying out due diligence for a stake in Arabtec, Kamal said. The company will press ahead with a Russian project, which would start after soil tests were concluded, he said.

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