Based on the unchanged price range for the sale of its shares of Dh1.50 to Dh1.60, the revised IPO size is expected to rake range between Dh7 billion and Dh7.5 billion
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The Ministry of Infrastructure Development has announced that it has allocated Dh10 billion for infrastructure projects in its 2017-2021 five-year plan. The projects include expansion and improvement of roads that link all parts of the country, including major roads that link Dubai and Sharjah, with a total cost of Dh780 million.
The projects are aimed at increasing the capacity and efficiency of Al Ittihad Road at the cost of Dh230 million, Emirates Road (Dh200 million), Mohamed Bin Zayed Road (Dh130 million) and Al Dhaid Road, spending Dh220 million.
Addressing a Press conference on Monday, Dr Abdullah bin Mohammed Belheif Al Nuaimi, Minister of Infrastructure Development, confirmed that the ministry, as part of its plan, aims to implement 36 projects related to security, education, health and infrastructure, at an estimated cost of Dh10 billion.
He added that these projects will meet the needs of different regions, keeping up with the rapid growth witnessed by the UAE, which in turn requires the creation of a well-developed infrastructure.
The budget is divided into projects for the implementation and maintenance of government buildings at a cost of Dh6.62 billion and federal roads at a cost of Dh3.38 billion. The government will launch the construction of six health centres and hospitals at an estimated cost of Dh350 million while Dh525 million will be spent for security construction projects, Dh152 million will be spent for the construction of five public building and four new-generation school buildings will be built, spending Dh780 million.
Al Nuaimi said: "We are keen to implement the directives of the wise leadership and launch initiatives and projects supporting the nation's progress towards 50 years. The future projects targeted by the Ministry of Infrastructure Development are included in the plans of the UAE and its pursuit to global leadership by the centenary of the nation in 2071.
"The ministry continues to make achievements year after year, thanks to the concerted efforts of the ministry and its strategic partners supported by the guidance and support of the UAE leadership, which has contributed to strengthening the overall development system and supporting the UAE's vision to be among the best in the world by 2071."
Al Nuaimi confirmed the ministry has completed 55 vital projects during the past five years, at a cost of Dh4.520 billion. These included construction and development of security buildings worth Dh574.5 million, educational premises (Dh394 million), health facilities (Dh297 million), service centres (Dh65 million), road improvements (Dh1.135 billion) and dams Dh1.54 million).
He pointed out that the projects of the Ministry of Infrastructure Development are one of the most important aspects of the development of the UAE, which depends on improving the living conditions of the population and providing basic services to the citizens and residents of the country.
Al Nuaimi pointed out that the total length of the federal roads reached 771.5km, adding that the ministry carried out 3,205 corrective maintenance operations of federal roads during the current year, compared to 5,665 during the last year 2018. The number of preventive maintenance operations reached 3,709 during this year compared to 3,459 in 2018.
He said that the Ministry of Infrastructure Development is currently supervising the implementation of many vital projects that serve the comprehensive development system. "The ministry completed the first phase of the development work on the Mleiha Road from Sheikh Khalifa Street to the E99 to be completed during the first half of 2020, at a cost of Dh169 million," he added
The ministry is also overseeing the project for the development of Al Ittihad Street Phase 1 (Intersection of Sheikh Zayed-Ajman Mosque), which is expected to be completed during the first half of 2020, at an estimated cost of Dh49.5 million.
The projects supervised by the ministry also include the construction and completion of the Sharjah Police General Headquarters building, at a cost of Dh167.264 million, which is expected to be completed during the second quarter of 2020, as well as a project to maintain, develop and upgrade the Hamad Bin Abdullah Road in Fujairah, spending Dh250 million, which is expected to be completed in the first quarter of next year.
Based on the unchanged price range for the sale of its shares of Dh1.50 to Dh1.60, the revised IPO size is expected to rake range between Dh7 billion and Dh7.5 billion
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