Saeed Ghumran Al Rumaithi, CEO of Emirates Steel Arkan, stressed the company’s strong financial solvency, noting that the volume of its cash liquidity amounts to about 300 million dirhams.
Al Rumaithi revealed, in a statement to CNBC, that the company had written off about 61% of its debt portfolio, bringing it down to about 420 million dirhams.
The CEO explained that the company’s early repayment of these debts allowed it to save about 30 million dirhams in interest rates, stressing that it will continue to work to reduce its debt.
