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A consortium led by Japan's Mitsubishi Heavy Industries has put the brakes on construction work on the Dubai Metro due to a disagreement over payments, one of the firms said last week.
Dubai companies, including Nakheel PJSC, owe billions of dollars to Japanese companies who worked on projects such as the emirate’s metro and Palm Island, the National said, citing Japanese Consul General Seiichi Otsuka.
Japanese construction companies are facing "serious debt problems" amid issues with being paid for work done in Dubai, a top ranking official has said.
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.