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Article: Dubai decides to finance LRT as bid deadline looms: decision "takes away a level of complication".(light rail transport , United Arab Emirates)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- January 21, 2005
CopyrightCOPYRIGHT 2005 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Consortia bidding for the Dubai light rail transport (LRT) project have been relieved of the lengthy task of arranging 90 per cent of the project's financing after Dubai Municipality informed bidders that it would provide full funding for the estimated $4,000 million scheme. The decision to remove the financing element was taken by the municipality to ensure fast-track execution of the project in view of the city's deteriorating traffic situation (MEED 8:10:04, Cover Story).
Under the original scenario, the bidding consortia had been asked to submit proposals for arranging 90 per cent of the financing for phase 1 of the LRT scheme, with the remainder to be ...