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Dubai Metro contractors to be financed by Mashreqbank

- November 29, 2005, 10:01 am

Mashreqbank and Mizuho Corporate Bank have jointly signed an agreement to provide guarantee facility to the contracting consortium that won the contract to build the Dubai Metro.

This is the largest ever infrastructure project in the GCC.

Abdul Aziz Al Ghurair, CEO of Mashreqbank 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 Dh13 billion (US$3.38b) 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 in September 2009.

Headed by Mitsubishi Heavy Industries Ltd and Mitsubishi Corp, the Dubai Rapid Link consortium includes Japanese construction companies Obayashi Corp and Kajimappreva Corp and Turkish conglomerate Yapi Merkezi.

The consortium gave a high appreciation on Mashreqbank’s Japan Desk, an alliance with Mizuho Corporate Bank of Japan, which made them the ideal financial partner for the project. They said the strength and knowledge of Mashreqbank locally and Mizuho Corporate Bank internationally made them the perfect team to partner with.

‘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,’ said 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 scenic views.

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