The Dubai Nightmare

Once a booming mideast Las Vegas, Dubai is struggling amid the economic downturn. As a result, bills are going unpaid. By some estimates, UK engineers and architects are owed more than $652 million. One architect breaks his silence on the issue.
September 2, 2009, 6am PDT | Nate Berg
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Architect David Marks and his firm Marks Barfield had been working on the Dubai Arts District for developers Abyaar, but has struggled to receive payment for his firm's work.

"For Abyaar, Marks Barfield created a design dominated by landscaping and parks that drew inspiration from pebbles and waves. Unfortunately, five months after the practice started work, Dubai turned into the casino where everybody loses.

David Marks, the co-founder of the firm, says Abyaar has not paid its invoices for the past 15 months. The present arrears are about £700,000, or 30% of Marks Barfield's 2008 turnover, and the situation has reached crisis point. He is not suffering alone. The Association of Consulting Engineers (ACE) estimates that UK engineers are owed a total of £400m by clients in the Middle East, who are suffering severely from the global downturn, and most analysts think this is a fraction of the true figure."

Thanks to ArchNewsNow

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Published on Friday, August 28, 2009 in Building
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