By Sean Cronin
The financing deal is inked on the largest transport infrastructure project ever to be constructed in the Gulf region
Mashreqbank and Mizuho Corporate Bank have signed a deal to provide a guarantee facility to the contracting consortium that won the contract to build the Dubai Metro — the largest ever infrastructure project in the GCC.
Work is already underway on the project and sub-contracts including tunnelling packages under the Creek are currently being finalised.
Mashreqbank CEO Abdul Aziz Al Ghurair, said: “We are honoured to have been chosen to finance the consortium working on this project.
“Dubai Metro is slated to be one of the most advanced urban rail systems in the world and will be a further catalyst for Dubai’s financial and economic growth.”
The US $3.38 billion (AED13 billion) high-tech, driverless metro will have two sections, totalling 70km of track, 43 stations and 87 trains.
The construction contract became effective from August 2005 with a completion date for commencing operations during September 2009.
Headed by Mitsubishi Heavy Industries and Mitsubishi Corporation, the Dubai Rapid Link consortium includes Japanese construction companies Obayashi Corporation and Kajimappreva Corporation, as well as Turkish conglomerate Yapi Merkezi.
“Dubai is experiencing phenomenal economic growth and this project will further fuel this growth as well as enhance people’s mobility around the city.
“We at Mashreqbank encourage and support projects that will play a role in the UAE’s development and we look forward to being a part of more such landmark projects,” added Omar Bouhadiba, senior vice president and head of commercial banking group, Mashreqbank.
The Dubai Metro will be the first urban rail system in the GCC and one of the most modern in the world. Both lines will run underground in the city centre and elsewhere on specially designed elevated viaducts providing passengers with views of the city.