Dubai RTA to spend US$5.45 billion over four years
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Tue May 17, 2011 1:31 pm

UAE. Dubai's Road and Transport Authority will spend about AED20 billion (US$5.45 billion) in the coming four years to fund projects but is not considering a hike in toll charges, an official said on Tuesday.

The RTA, which has spent more than AED55 billion in the past five years, will look to create public-private partnerships to fund projects, said Abdul Mohsin Ibrahmi Younes, chief executive for strategy and corporate governance.

Younes said higher charges for its Salik electronic toll collection system or creating new toll gates would not be an option to raise money for any future developments.

"Salik is not done to fund future projects but to control the traffic conditions," he said, adding if toll fares were raised, it would be to address changes related to the flow of traffic in the emirate.

In April, the government said it had hired local and international banks to raise $800 million by securitising road toll receipts and will use the proceeds to fund infrastructure projects in the Gulf emirate.

Younes said the RTA expected its new tram system for Dubai to be completed by 2014. The tram system, valued at AED3.2 billion, has been 30% completed.

The RTA also expected the green line of Dubai's metro to be completed by September. The 23 kilometre line was originally slated to open in April 2010.



date:Posted: November 30, 2015
INTERNATIONAL. The aggressive 5% sell-off in the Shanghai Composite Index on Friday presented risks to the market and weighed on both European and US futures as last week drew to a conclusion.
date:Posted: November 30, 2015
UAE. S&P Survey - conducted by Gallup, GFLEC, and World Bank - finds major deficiencies globally in understanding of savings and borrowing; GCC has large financial literacy gaps across income and education.
date:Posted: November 30, 2015
UAE. Union Bancaire Privée: 2016 will be about the search for modest growth, while Fed fund rates will be hiked for the first time since 2007; While the US is further along into its recovery, Europe and Japan are only in the early stages.
Monogram Ring