Dubai-based Depa, the global interior solutions group which worked on the Burj Khalifa, said on Monday that it is owed AED82 million ($22.3 million) from troubled construction giant Arabtec.
In a statement to Nasdaq Dubai, Depa said it awaits clarity on the outcome of Arabtec’s discussions and any liquidation application that may be submitted to the competent courts so as to determine the likely impact on the company.
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“To the extent that Arabtec or member(s) of its group enter liquidation, this would likely have a material impact on Depa’s financial performance and financial position,” it said.
“Depa continues to pursue its pipeline of opportunities and deliver on its secured projects. Management is implementing Depa’s group-wide transformation and restructuring programme and