Murray and Roberts says exposure to Dubai is limited
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Business Day Online
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Published:
2009/11/27 07:48:23 AM
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The South African company reported this morning that its exposure to the Dubai debt is limited to a slow moving Venture building Dubai International Airport Terminal 3 and Concourse 2 Project - which could top $1bn.
The Group says it has noted the recent request by Emirate of Dubai state-owned developer Dubai World and its subsidiary Nakheel, for a temporary suspension of debt repayments.
But the South African company says the only contract to which Murray & Roberts was exposed with Nakheel was Trump Tower.
This contract was terminated and all accounts settled in full within the previous financial year.
Murray and Roberts say the only other exposure it has is with partners HMRT Joint Venture.
Both continue to progress final account settlement of the Dubi International Airport Terminal 3 and Concourse 2 Project for Dubai government's Department of Civil Aviation.
It is believed that Murray and Roberts is still owed around $1bn for the venture.