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FINANCIAL NEWS
Dubai to monetize Salik at USD800m
08 Apr 2011
(MENAFN) Dubai’s Department of Finance stated that it would launch a new financing program based on USD800 million worth of dual currency for the purpose of monetization of receipts from the Salik road toll system, reported WAM.
The department stated that the money would be used to finance infrastructure projects.
The department added that it had appointed so far three commercial banks in the country to lead the process.
It is worth noting that in Dubai, which has billions of dollars of accumulating debt, fees and taxes account for 77 percent of the budgets revenue. Salik is among projects that generate such income.
More News
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