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John McDonough, chief executive of Carillion, has said the Dubai government鈥檚 success in raising $10bn (拢7.1bn) through a bond issue last month caused a 鈥渃ollective sigh of relief鈥� in its Middle East business.

The $10bn was the first half of a $20bn bailout designed to save the emirate鈥檚 property and construction industry and it was fully subscribed by the central bank in Abu Dhabi.

鈥淚鈥檝e been talking to our people in the Middle East and they鈥檝e seen an upturn in the mood in Dubai. Everyone鈥檚 been waiting for this and hopefully there will be more to come.鈥�

Carillion shares have slumped by about a fifth since the last quarter of 2008, partly because of its exposure to the Middle Eastern market.

McDonough was speaking after Carillion announced its results for 2008, which he described as 鈥渟tunning under the circumstances鈥�.

He said the fall in Dubai would be more than offset by work in Abu Dhabi. 鈥淭urnover in Dubai will fall from 拢250m to 拢80m in 2009, but will grow from 拢90m to 拢350m in Abu Dhabi.鈥�

Turnover at the group in the year to 31 December rose by 32% from 拢4bn to 拢5.2bn, largely as a result of the acquisition of Alfred McAlpine last February. Pre-tax profit increased 23% from 拢94.4m to 拢115.9m and its order book stood at 拢20.4bn.