Dubai grants financing for tram project

28/02/2012

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.
Source: www.arabianbusiness.com