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Dubai government owes Japanese firms billions
Non-financial Japanese firms are owed $7.5 billion in uncollected bills...
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Dec 12th, 2009
Non-financial Japanese firms are owed $7.5 billion in uncollected bills from the Dubai government and its corporations as of the end of October, reported the AFP, citing the Nikkei business daily. The figure excludes bank loans.
The Dubai government awarded Japanese firms 18 projects worth approximately $18 billion. A number of the contracts were for public works projects, including road construction.
Some of the payments are over a year overdue, the newspaper reported, citing Japanese officials.
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the way the trade credit works in UAE; this news is credible. what is know is fistful; what is unknown is earthfull. pray for salvation.