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The decision by the government of Dubai to provide an extra $9.5 billion to Dubai World and Nakheel, as reported by the Financial Times, removes some uncertainty for the consultancy and engineering industry.
The Association for Consultancy and Engineering (ACE) has long been a proponent for a fair and equitable resolution of the issue.
Nelson Ogunshakin, ACE chief executive, said: “This is better news for the sector. ACE has worked tirelessly to ensure that the consultancy and engineering sector in the UK is dealt with fairly. While we await all of the details of this restructuring proposal and in particular that relating to trade creditors of Nakheel, on the face of it this announcement is encouraging progress.”
ACE has been in dialogue with the British Government as well as representatives from Dubai.
Nelson Ogunshakin added: “As we have offered previously and if called upon, we would be more than willing to assist with negotiations between concerned parties if this will help to facilitate an equitable resolution of any outstanding problems. In the meantime, we will continue to monitor the situation through further announcements and our representatives in the region.”
-ENDS-
For press information please contact Simon Goldie on 020 7227 1892 or 07905 279328 –sgoldie@acenet.co.uk
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