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FINANCIAL NEWS
RTA to spend USD5.45b to fund projects
17 May 2011
(MENAFN) Dubai’s Road and Transport Authority’s (RTA) chief executive for strategy and corporate governance, Mohsin Ibrahmi Younes, said that in the coming four years, the authority would spend about USD5.45 billion to fund projects, reported Emirates 24/7.
Younes added that the RTA would create public private partnership to fund these projects, adding that in the past five years, the authority spent more than USD15 billion in different projects.
He also said that the Salik electronic toll collection system wasn’t founded to fund future projects but to control the traffic conditions in the emirate and creating new toll gates wouldn’t be an option to collect money for any developments in the future.
It is worth noting that the RTA expected its new tram system for Dubai to be completed by 2014. Until now, thirty percent of the USD871 million tram system is completed, in addition, it also expected the green line of Dubai’s metro to be completed by September. The 23km line was originally slated to open last year in April.
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