Dubai completes financing for $1.08bn tram project
Al Sufouh Tram is being built by a consortium of European and US firms
Dubai's finance department has completed financing for Phase One of the $1.08bn Al Sufouh Tram project being built by a consortium of European and US companies. The consortium includes the Alstom (France), Besix (Belgium), Serco (UK) and Parsons (US).
The department said "it has successfully completed a dual currency financing of $675m," which will go towards finalising the first phase of the Al Sufouh Tram network, covering 19 stations.
Last April, Alstom Transport said construction on the 10km light rail system had resumed after being put on hold due to financing troubles linked to the global financial crisis.
The project is anticipated be completed in 2014, three years behind schedule.