Japan owed $7.5bln by Dubai

December 12, 2009

, TOKYO, Dec 12 – Japan\’s non-financial firms had some 7.5 billion dollars in uncollected bills from the Dubai government and its affiliated firms as of the end of October, the Nikkei business daily reported on Saturday.

The data, excluding bank loans, was derived from a total of 18 projects worth about 15 billion dollars and involving Japanese general contractors, trading houses and electric machinery manufacturers, the daily said.

The figures include public works projects commissioned by the Dubai government, such as subway and road construction, it added.

About one billion dollars of the accounts receivable have gone unpaid past their due dates, with some of them more than a year overdue, the newspaper said, quoting Japanese government officials.

While the Japanese firms expect to recover some of the accounts receivable depending on how negotiations proceed, they may give up collecting others, which will force them to end up sustaining losses, it said.

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