Halcrow, the major British engineering company, is "on the brink" of signing the debt payment offer from the Dubai World-owned Nakheel, the UK firm's managing director in Dubai says.
Halcrow, which is owed money for a group of medium-sized projects including a district cooling plant on Palm Jumeirah, last year posted a 57 per cent drop in profits due to late payments from Dubai developers, leading to 60 job cuts in its Middle East division.
Under Nakheel's repayment plan, trade creditors are being offered 100 per cent of their agreed claims, comprising a 40 per cent cash payment and 60 per cent in the form of a publicly tradable security with an annual return of 10 per cent.
"There are still a couple of finer details to sort out," said David Yaw, Halcrow's managing director for the Middle East. "Nakheel has a specialised team of people working on this ? we hope to have it finalised in a few weeks or a month at the most."
Nakheel said last month it had secured agreement on 50 per cent of claims totalling US$1.6 billion (Dh5.87bn) from its trade creditors.
The Palm islands developer, which is restructuring $10.5bn of debt, said it would start paying contractors and suppliers once it had secured the consent on 65 per cent of claims from creditors.
Riad Kamal, the chief executive of Arabtec Holding, which is owed money on the Al Furjan villa community in Dubai, said the company had signed the offer.
An official at another contractor, who asked not to be named, said his company was unhappy with Nakheel's offer although it had "no other choice" but to try to thrash out a settlement.
agiuffrida@thenational.ae
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
COMPANY%20PROFILE
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Details
Through Her Lens: The stories behind the photography of Eva Sereny
Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
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If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
AGL AWARDS
Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)