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Japanese builders owed money by Dubai companies
Firms in Dubai owe billions of dollars to…
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Nov 7th, 2009
Firms in Dubai owe billions of dollars to Japanese contractors, Seiichi Otsuka, Japan’s Consul General in Dubai told The National. “Some Japanese construction companies are facing very serious debt problems as Dubai can’t pay,” he said. “Some companies engaged with the construction of the RTA Metro are facing some payment issues.”
Mitsubishi Heavy Industries (MHI), one of the companies working on the Metro, said that it is facing non-payment on its contracts. “MHI executed the construction of the Dubai Metro and some other contracts and we are still awaiting payment,” Koji Okamoto, general manager, of MHI’s Middle East office told the paper.
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Thats some serios news…. Salik+Metro + Road use charges what is going on where is the money going? …. either the RTA does not have a finance and accounting department or they outsourced it to a group of monkies…. I dont know or is this the outcome of tearing down the roads of dubai 3 times in the last decade and reconstruct them from scratch again! I thought money was not the issue here!