DUBAI: The conclusion of an AED3.9 billion syndicated bonding facility by Emirates NBD marks a significant milestone in the advancement of Dubai’s transportation infrastructure.
The financing arrangement, extended to a consortium formed by MAPA, LIMAK, and CRRC, underpins the ambitious Dubai Metro Blue Line Project awarded by the Dubai Road and Transport Authority (RTA).
The project embodies Dubai’s strategic vision of urban expansion and sustainable development as articulated in the Dubai 2040 Urban Master Plan, emphasising connectivity, environmental sustainability, and enhanced mobility for its growing population.
The Dubai Metro Blue Line Project, valued at AED20.5 billion, represents a cornerstone investment aimed at creating a state-of-the-art, electrified railway network. The initiative is set to seamlessly integrate with the pre-existing Red and Green Metro lines, as well as bus and taxi routes, thus fostering a comprehensive transportation ecosystem.
Scheduled for completion by September 2029, the line is projected to significantly alleviate traffic congestion by facilitating the efficient movement of approximately 350,000 passengers daily by 2040.
Urban development strategy
Its development is aligned not only with transportation goals but also with ecological objectives, qualifying as Green Financing under Emirates NBD’s Sustainable Finance Framework, specifically within the “Clean Transportation” category.
The classification highlights the project’s commitment to reducing carbon emissions and promoting sustainable urban mobility.
Emirates NBD’s involvement in this landmark project illustrates the bank’s leading role in supporting transformative mega projects that drive Dubai’s urban and economic growth.
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, underscored the strategic importance of the Blue Line Project in catering to the needs of a rising population through enhanced public transportation solutions. The bank’s collaborative engagement with the MAPA, LIMAK, and CRRC consortium exemplifies a seamless partnership approach aimed at ensuring the successful delivery of complex and impactful infrastructure projects.
From the perspective of the consortium members, the project holds profound significance. Murathan Doruk Günal, Vice President and CEO at MAPA, expressed pride in contributing to a vital element of Dubai’s 2040 vision, emphasizing the trust invested in their engineering and execution capabilities.
Similarly, Serdar Bacaksız, Board Member at Limak Group of Companies, highlighted the project as a manifestation of Dubai’s forward-looking urban development strategy. He acknowledged the collaboration with Emirates NBD as pivotal in harnessing innovative and global expertise to realize a sustainable and interconnected urban transport network.
