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FINANCIAL NEWS
UAE-Danube predicts business to grow by 5pct this year
22 May 2017
(MENAFN) Dubai-based Danube Group predicts its building materials business to increase by 5 percent this year, despite challenging economic situations.
However, many construction projects in the UAE and through oil-producing Gulf Arab states have suffered delays trailing the plunge in crude prices in 2014.
Last year, the firm’s whole business turnover was almost USD1.47bn and the chairman called the outlook for this year “bright”.
Accordingly, the rate of payment delays in the UAE grew between the first quarter of 2015 and the third quarter of 2016, due to the liquidity squeeze.
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MENAFN2205201700450000ID1095498745
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