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British contractors owed $2 billion in Dubai
British engineering groups and consultants are owed up to $2 billion (£1.25 billion) by government-related companies in Dubai, following the collapse of the Gulf state’s property market and subsequent debt crisis. WS Atkins, which has worked on the $7.6 billion Dubai Metro project and a number of developments with Nakheel, has cut 30 per cent of its Gulf workforce. The company has declined to reveal how much it is owed.
Japanese contractors owed billions by Dubai firms
Japanese builders are owed billions of dollars on projects that include the Dubai Metro and Palm Island, according to a top diplomat and leading contractors from the country, Japanese builders have played a pivotal role in Dubai’s construction boom, spearheading work on the Dh28 billion (US$7.6bn) Metro and helping to build Nakheel’s palm-shaped islands off the emirate’s coast.