"Dubai Properties Group (DPG) is
not restructuring. DPG honors all of its commitments. We continue to maintain a
good relationship with all our partners, including Arabtec," the company
said in a statement.
Its comment came after remarks by Tom
Barry, chief executive of Dubai-based builder Arabtec, who said on Wednesday
Dubai Properties may enter restructuring.
Barry clarified on Thursday his remarks
"were with particular regard to payments which are, or about to become,
due to Arabtec."
Arabtec, the builder of the world's
tallest tower in Dubai and the Emirates' largest builder by market value, is in
talks with the developer over payment for four completed projects, Barry had
said.
Restructuring of some units of Dubai
Holding, Dubai Properties' parent company, is under way.
Concerns about Dubai's liabilities,
estimated at around $115 billion, have eased after state-owned Dubai World
reached a deal in September to restructure almost $25 billion of debt.
But worries persist about the debt owed
by key firms such as Dubai Holding. Dubai and its firms face some $30 billion
of debt maturing in 2011-2012.