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Dubai denies payment problems at U-Bahn-Bau

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Clear denial: Dubai has rejected a report that after struggling with financial problems, the emirate has difficulty paying the expansion of its metro network. But for the construction of the subway responsible consortium wants to renegotiate the contract.

Dubai / Tokyo – Dubai is currently trying with all his strength to fight the image of Krisenemirats. At the beginning of the week was awarded the Burj Khalifa, the tallest building in the world opens, On Thursday, the government quickly dismissed a Japanese newspaper report back, Which was experiencing financial difficulties and delays in the construction of the subway question.

The public transport company RTA stated that she had come to meet their financial obligations under the contract. "We are very surprised that some media have spread this message, when everybody can take the spot inspect that work lead to the Metro line in different places," it said in a statement.

The consortium led by a Japanese firm for the construction of the subway wants to negotiate the new contract, however, as a spokesman said in Tokyo. The consortium of the industrial group Mitsubishi Heavy Industries, the construction companies Obayashi and Kajima and the trading house Mitsubishi Corporation have therefore reduce the rate of construction, said a spokesman. The Japanese press group Nikkei had reported that the consortium was suspended because of missing payments, work even.

The transport company in Dubai, RTA said, however, the work on the two lines had already made "significant progress" and the new station at the Burj Khalifa was already opened on Sunday.

Dubai expresses debt of 100 billion U.S. dollars

The construction of the subway was began in 2005. Originally supposed to cost 4.4 billion U.S. dollars, the new transport (3.06 billion euros). Meanwhile, 7.6 billion are estimated dollars. The four Japanese companies were involved in the consortium) 2005 an order for 490 billion yen ($ 3.7 billion at today’s conversion rate euros.

According to the Japanese government RTA sat at the end of October on a mountain of unpaid bills amounting to 5.27 billion U.S. dollars. The government in Tokyo had published the information in mid-December, after the Dubai’s financial difficulties had become public.

Dubai had its creditors in November unexpectedly asked for a deferment of payment of the indebted sovereign wealth fund Dubai World and so that the exchanges around the world in shock. The neighboring country of Abu Dhabi stepped in with a loan of ten billion dollars to Dubai could pay its outstanding debts. Overall, Dubai is said to have debts of more than 100 billion U.S. dollars.

Especially the real estate companies in the emirate suffering from the effects of the global financial crisis and have amassed a mountain of debt. The first stage of Dubai Metro was opened last September.