Emirates NBD Finalises AED 3.9 Billion Financing For Dubai Metro Blue Line Project Supporting Urban Development

Emirates NBD has successfully completed AED 3.9 billion in syndicated bonding facilities for a consortium formed by MAPA, LIMAK, and CRRC. This consortium is tasked with delivering the new Dubai Metro Blue Line Project. The Dubai Road and Transport Authority (RTA) awarded this design and build project to the consortium, marking a significant step in Dubai's infrastructure development.

The Dubai Metro Blue Line Project is valued at AED 20.5 billion and plays a crucial role in Dubai's 2040 Urban Master Plan. This plan aims to create an extensive network of public transportation services that connect communities, reduce traffic congestion, and facilitate easier movement across the emirate. The project is scheduled for completion by September 2029.

Once completed, the Blue Line will seamlessly integrate with existing Red and Green Metro lines, as well as bus and taxi routes. By 2040, it is expected to serve approximately 350,000 daily passengers. As an electrified railway network, the project aligns with Emirates NBD's Sustainable Finance Framework under the "Clean Transportation" category.

Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, stated: "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, expressed pride in being part of this significant infrastructure initiative within the Dubai 2040 Urban Master Plan. He noted that closing the financing with Emirates NBD marks a vital milestone and demonstrates trust in their ability to deliver complex projects effectively.

Serdar Bacaksız from Limak Group of Companies highlighted: "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."

This project not only enhances connectivity but also supports sustainable urban growth in line with Dubai's vision for integrated development. The collaboration between these companies underscores their commitment to contributing engineering expertise towards achieving this vision.

With inputs from WAM