Dubai [UAE], July 16: Emirates NBD has concluded AED 3.9 billion Syndicated Bonding Facilities to a consortium created by MAPA, LIMAK and CRRC that will deliver the new Dubai Metro 'Blue Line' Project.
Dubai Road and Transport Authority (RTA) awarded a consortium of MAPA, LIMAK, and CRRC - the design and build project for the Dubai Metro Blue Line Project. As such, Emirates NBD engaged with the consortium as part of a seamless, comprehensive, and collaborative process.
Valued at AED 20.5 billion, the landmark infrastructure initiative is a key component in Dubai's 2040 Urban Master Plan to create, develop, and expand a world-class network of public transportation services and mobility solutions that connects communities with key locations, alleviates traffic congestion, and enables easier movement of people around the emirate.
Scheduled for completion by September 2029, the Dubai Metro Blue Line will provide seamless connections with the existing Red and Green Metro lines, as well as bus and taxi routes. The project, which was officially announced by the RTA at the end of last year, will serve approximately 350,000 daily passengers by 2040.
As a state-of-the-art electrified railway network, the Dubai Metro Blue Line project aligns with the Emirates NBD Sustainable Finance Framework, qualifying as Green Financing under the "Clean Transportation" category.
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said: "The Dubai Metro 'Blue Line' Project is a milestone undertaking that will strategically and significantly empower the continuous development of the emirate by providing a rising population with new, efficient, accessible, and reliable public transportation and mobility solutions. This major transaction positions Emirates NBD's status as the go-to banking partner for diverse mega projects that are transforming Dubai's landscape, capabilities, and global appeal."
Murathan Doruk Günal, Vice President & CEO at MAPA, said: "We are proud to be part of this landmark infrastructure project, which is an integral part of the Dubai 2040 Urban Master Plan launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum. The successful closing of the financing with Emirates NBD marks a key milestone and reflects the trust placed in our consortium's ability to deliver complex, high-impact projects. At MAPA, we remain committed to contributing our engineering expertise and project-execution capabilities to support Dubai's vision of sustainable and integrated urban development."
Serdar Bacaksız, Board Member at Limak Group of Companies, stated: "The new Dubai Metro Blue Line Project is a testament to Dubai's forward-thinking approach to urban development. Limak is honoured to be a key partner in this transformative journey, collaborating with our esteemed colleagues. This financing agreement with Emirates NBD is a crucial milestone, empowering us to bring our global expertise, insights and innovative solutions to life, and contribute to Dubai's ambition for a seamlessly connected, sustainable city."
Source: Emirates News Agency
