Dubai grants financing for tram project


Dubai Government has got credits of USD 675 Million (EUR 502 Million) for the financing of the first phase of Dubai tram project.
The authorities have obtained a credit for USD 401 Million (EUR 298 Million)  which will amortize over 10 years starting 2015 and a USD 274 Million (EUR 204 Million) Islamic Ijara facility, amortized over three years starting with 2015.
The first phase includes the development of a 10.7-km section between Dubai Marina and Knowledge Village. The costs for the development of the first phase were estimated at AED 4 Billion (EUR 810 Million). The project should have been finalized in 2011, but was postponed due to financial problems.