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“The initial sum of outstanding debts owed to ACE members in the UAE when the issue first arose in April was around £400 million.
Since the last visit of ACE to the region in October, the sum of debts owed to ACE members remains in excess of 50 per cent of this, at around £250 million.
In terms of the number of ACE members affected, ACE has approximately 800 member firms with around 50 per cent of these having worked in the UAE and across the GCC. Of those who have worked in the UAE, around 30 per cent of these are still affected.
The UK engineering and consultancy industry in general has had a long standing relationship with the UAE and across the GCC and believes that the Dubai entities will honour the obligation owed to our industry.
ACE has already communicated with relevant UK government departments and ministers and has been assured that the matter is being dealt with, with representations being made by the UK government to the Dubai ruling party.
ACE is also aware that a high level delegation from the UAE including Sheikh Mohammed bin Rashid al-Maktoum visited the UK last week with positive discussions being held.
The current restructuring of the Dubai Sovereign companies taking place is to find a better way to finance outstanding and future investment and ACE is confident that this will be the outcome.
So far, some payments have been made to some ACE member firms. But, the challenge does remain for the Dubai entities to make sure that payments are made as efficiently and quickly as is possible.
ACE is prepared to work in the long term with all relevant parties in the Dubai, as well as with the UK Government and key clients in Dubai to resolve this payment issue.
ACE intends to stay in continuing dialogue with the UK Government and monitor the ongoing feedback from our members.”
Nelson Ogunshakin, Chief Executive
-ENDS-
For press information please contact Simon Goldie on 020 7227 1892 or 07905 279328 – sgoldie@acenet.co.uk
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