ECONOMY

Abu Dhabi Airports asks banks to pay for project

abu-dhabi-airports-asks-banks-to-pay-for-project

State-owned Abu Dhabi Airports has called on almost 3 billion dirham ($816.82 million) worth of guarantees issued by local banks on behalf of contractors working on an airport expansion project already delayed by several years, sources said.

In 2012 Abu Dhabi Airports signed a $2.9 billion contract with a joint venture of contractors comprising Arabtec Holding, which filed for liquidation in January, Athens-based Consolidated Contractors Company and Turkey’s TAV Insaat.

The Midfield Terminal project was due for completion in 2017 but has faced delays. It was 97.6% completed in 2019, Abu Dhabi Airports CEO Bryan Thompson said at the time. The opening date has been pushed back to 2021, according to an HSBC report. [Reuters]