College confirms Saudi monies in the bank
Following the recent termination of its work in Saudi Arabia due to ongoing delays in receiving payments for activity that had been undertaken under the College of Excellence programme, Dudley College of Technology is pleased to acknowledge the full-payment of all outstanding debts.
Confirming the payment Lowell Williams: Chief Executive Officer of Dudley College of Technology explained:
“In total the college was owed £0.5m for outstanding work delivered as part of a Capacity Building Contract (CBC) related to activity at Hafr-Al-Batin Girls College. I am pleased to say this has now been paid. I regret that we could have not resolved this issue earlier, so that we could have continued the good work we were doing in the Kingdom and so that we could have completed our contract which was due to run until 2020. At the time I made the decision to end our work, I felt there was no other appropriate action as the college was working at risk, with no security of payment and we would have been forced to use UK public funds to sustain the cash flow on the CBC project.
I am gratified that the Saudi government have now honoured their contract and I acknowledge the critical role the Department for Trade and Industry has played in this matter petitioning on the college’s behalf. This now helps to place the college on a surer footing and we may in time consider returning to such work.”
During the eight year period Dudley College has been undertaking work in Saudi Arabia it has generated just over £3m income in total and with this payment it will have delivered an operating profit in the region of £1m for the totality of this work.