Barwa has started delivering outstanding payments that the now-defunct main contractor owed to subcontractors who had completed work on the Barwa Masaken (Alsailya and Mesaimeer) project, the company said yesterday.
The move has come after the main contractor for the project, Panceltica, became insolvent in July, leaving many of the subcontractors without payment.
Barwa had no obligation to these sub-contractors, however, it believed this move would be necessary for the completion of the project in the best technical conditions, the company said in a statement issued yesterday. “Barwa has taken the initiative to demonstrate its commitment to the developer community and ensure that local subcontractors’ outstanding payments are resolved,” said Barwa Deputy Chairman, Hitmi Ali Al Hitmi.
This has taken some time due to the detailed financial and legal process that has followed the termination of Panceltica, to ensure only subcontractors who had delivered work were compensated. “We are delighted with this conclusion as we wanted to support those who have been committed to the Barwa Masaken project so that they could continue working with confidence,” he added.
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