Dubai inaugurates second metro line
Source: BI-ME with AFP , Author: Posted by BI-ME staff
Posted: Sat September 10, 2011 1:04 pm

UAE.  Dubai on Friday inaugurated its second metro rail network, after a one-year delay, to ease traffic congestion in this city of some two million people, state television reported.

Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum opened the new line, named Green and running about 23 kilometres (14.3 miles) through residential and commercial areas, the report said.

Sixteen of the 18 stations on the line are operational.

The line was initially scheduled to be opened in August 2010 but was delayed because of financial difficulties that hit the emirate during the 2008 global economic crisis, media said.

The first line, known as Red, runs 52 kilometres and was opened on September 2009.

"Since then and until August 2011, the metro carried 84.2 million people," said Mattar al-Tayi, chief executive of the Road and Transport Authority, adding the Green line would serve an average of about 100,000 passengers daily by the end of the year.

The network of luxurious trains is being built by a consortium led by Japan's Mitsubishi Heavy Industries.

The initial cost of the metro when it was launched in 2005 was US$4.4 billion, but it has since surged to US$7.6 billion.

Dubai, which has established itself as a regional business centre and tourist destination, has enormous investments in infrastructure.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: April 17, 2014
KUWAIT. According to a newly released report by Kuwait Finance House Research, the global sukuk market saw a modest volume of US$31.14 billion in new sukuk issuances in 1Q2014. This volume represents a drop of 9.82% compared to US$34.53 billion worth of issuances in 1Q13.
date:Posted: April 16, 2014
INTERNATIONAL. The WGC pointed out that the Chinese bank savings amount to US$7.5 trillion but only about US$300 billionn is allocated to gold, signifying the potential for gold demand to grow as Chinese wealth climbs.
date:Posted: April 16, 2014
UAE. "A similar drop to 2013 is unlikely. Those who wanted to get out of gold did, and the rest of 2014 will probably be a year of sideways trading."
SAUDI ARABIA. The GCC said in a statement that foreign ministers of the six-member body had met in Riyadh for a comprehensive review of measures used to implement foreign and security policies.
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