Media ININ Economy We Trust
Media In – Dubai 22 March 2018 WAM
First Bank of Abu Dhabi, Banco Santander SA, HSBC Bank Middle East Limited, Intesa Sanpaolo SBA Bank and Standard Chartered Bank have provided financing facilities for the Dubai Metro 2020 Nine billion dirhams and for seventeen years.
The project is expected to cost 10 billion to 600 million dirhams and aims to build an extension of about 15 kilometers of the red line in the Dubai Metro from Nakheel Harbor and Tower to the Expo site including seven stations as well as the development of the existing metro network.
The project is expected to achieve significant social and economic benefits as a result of facilitating passenger traffic in the areas it serves, including visitors to Expo 2020 Dubai, a vital project that will not only have an impact on the Expo but extends to the area around the event venue for decades.
Abdulrahman Saleh Al Saleh, Director General of the Department of Finance of the Government of Dubai, said that the international banks’ confidence in the economy of Dubai has increased thanks to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The Government of Dubai continued to seek to upgrade its funding strategy, and access to comprehensive collateral financing from export credit agencies was a good example of the integrity and accuracy of the strategy.
The operation included financing of AED 5 billion and 200 million over a 17-year period backed by comprehensive guarantees from the French Export Credit Agency and the Spanish Export Credit Agency, which will be repaid over a period of 14 years starting in 2020 and a 10-year conventional loan of four billion dirhams Years begin in 2022
