Thousands flocked the Dubai Mall Metro Station to reach the Downtown area to catch a glimpse of New Year's spectacular fireworks at the Burj Khalifa. - Photo by Dhes Handumon
Dubai - "Tenders were opened for bona fide contractor to bid for the project, and there is a bank that allows the companies to suggest solutions to fund the project," source said.
Published: Thu 14 Jan 2016, 11:00 PM
Updated: Sat 16 Jan 2016, 8:04 AM
Dubai Government plans to undertake financing of Dubai Metro Red Line up to Jebel Ali expansion, an official source at RTA told Khaleej Times.
"Tenders were opened for bona fide contractor to bid for the project, and there is a bank that allows the companies to suggest solutions to fund the project," source said.
The source added that the door is open to major companies to submit their bids for setting up the project whose cost ranges up to Dh7 billion, and they could possibly provide means for financing the project.
Bloomberg adds: Dubai's Road and Transport Authority is seeking more than $2 billion to finance a 15-kilometre extension of its above-ground metro train line to the World Expo site, according to people with knowledge of the matter. The company is in talks with banks and contractors to extend the line from the Nakheel Harbour and Tower Metro station to the Expo 2020 site located in the south of Dubai, the people said, asking not to be named as talks are private. Funding will probably include bank loans and export credit, they said.
Dubai's government said it expects to double the number of visitors to the emirate to 20 million by the time of the international trade and tourism event in four years. The city may spend about $8 billion on infrastructure mega-projects including hotels, new metro rail links and more shopping malls. It's also expanding its second hub at Al Maktoum Airport to deal with the forecasted growth in visitor numbers.
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