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Article: United Arab Emirates: Cemex to sell off regional operations.
- Article from:
- TendersInfo
- Article date:
- December 22, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: pinto03
UK materials supplier seeks sale of units based in Abu Dhabi and Dubai as slowdown hits real estate. Global building materials supplier Cemex is planning to sell its ready-mix concrete operations in the UAE. Documents seen by reveal that the UK company has appointed US bank Citigroup to advise on the sale.
The decision to sell its assets in Dubai and Abu Dhabi comes as the outlook for construction companies and suppliers worsens in the wake of the collapse of the local real estate sector. An increasing number of projects are being put on hold in Dubai, and there are now signs that private developments in Abu Dhabi will also be shelved.
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