Housing Ministry begins setting compensation rates for contractors

The Housing Ministry has begun setting up rates by which it will compensate contractors for losses incurred after the EGP float, sources tell Al Borsa. Contractors will receive compensation between 15-60% of the size of the contracts depending on the project, equipment used and the whether any of the materials had been imported. We had noted back in August that deliveries on social housing projects have been delayed as some contractors halted development following delays in the disbursal of their compensation under the Contractors’ Compensation Act.