A global consortium tasked with designing and building the Dubai Metro Blue Line has agreed a Dh3.9 billion ($1.06 billion) financing deal, in a “key milestone” for the emirate's flagship public transport project.
Leading UAE bank Emirates NBD will provide the substantial loan – which it described as syndicated bonded facilities – to the group made up of Turkish companies Mapa and Limak and China's CRRC.
Dubai's Roads and Transport Authority awarded the contract for the development of the rail expansion scheme to the consortium in December.
The RTA this month appointed engineering company Parsons in a project management role for the Blue Line, which will include design review and construction supervision.
The major rail plan is critical to Dubai's efforts to boost connectivity and encourage drivers to shift to public transport to ease congestion, amid the emirate's population boom.
The Blue Line is scheduled to open in September 2029, marking the 20th anniversary of the launch of Dubai Metro.
The Dh20.5 billion project will include 14 new stations, connect with the existing Green and Red lines, and serve expanding neighbourhoods such as Mirdif, Dubai Silicon Oasis, Dubai Creek Harbour and Dubai International City.
It will add 30km to the Metro network, 15.5km of which will be underground. When completed, the Metro network will be 131km long with 78 stations served by 168 trains.
The ambitious public transport drive is central to the Dubai 2040 Urban Master Plan, which has easier commuting among its priorities.
Dubai's Roads and Transport Authority said the Blue Line would connect five principal urban regions – Bur Dubai/Deira, Downtown/Business Bay, Dubai Silicon Oasis, Dubai Marina/JBR and Expo City Dubai.
“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,” said Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.
Murathan Doruk Gunal, vice president and chief executive of Mapa, said the finance package is a significant step forward for the scheme.
“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,” he said.
“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 the Limak Group of companies, added: “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.”
Transport master plan on track
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced that work was under way on the Blue Line in June.
He wrote on X that the foundation stone for the line’s first station has been laid, in the Dubai Creek Harbour area, adding that it represents an “architectural icon”.
It will be called the Emaar Properties station and will be the world's tallest metro station at 74 metres.
Sheikh Mohammed said the Dubai Metro had transported more than 2.5 billion people since its launch, at an average of 900,000 per day, and the new route would be a “major addition” to the emirate’s transport infrastructure. “We continue to develop the city … we continue to build the best city to live in the world,” he said.
