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RTA extends Dubai project bid deadline

DUBAI, February 22, 2016

Dubai's Roads and Transport Authority (RTA) has extended the last date for submitting the prequalification bids for the design, construction, financing, operation and maintenance of the Union Oasis project to February 28.

Located in Deira, one of Dubai’s busiest districts, the Union Oasis project is the first urban transit-oriented development undertaken in partnership with the private sector.

It is directly linked with all mass transit means (metro, buses, taxis and marine transit modes), said a top RTA official.

"We are keen to ensure resiliency in dealing with developers and investors by adding new design techniques and models for the financial and contractual structures of the project to enhance its appeal to investors," remarked Abdul Mohsen Ibrahim Younes, the chief executive at RTA’s Rail Agency.

The RTA, he stated, has also introduced extensive and significant financial enhancements to the investment structure of the project through updating the prequalification information kit.

"The authority has opted to offer a minimum revenue guarantee to the selected developer. Thus, the private developer is no longer required to pay fixed base payment against investing in the project, under certain cases and provisions," said Younes.

According to him, the extension of the deadline for submitting prequalification requests and the introduction of the enhanced financial package of the project structure were undertaken following extensive market sounding and discussing the commercial principles of the Union Oasis project.

The RTA, stated Younes, would continue to receive requests relating to prequalifications documents from interested developers and investors up to February 28 in order to give them sufficient time to fulfil the requirements according to the highest standards and procedures set.

Meetings are currently being held with various developers individually to discuss the outlines as well as the prequalification and bidding documents, he added.-TradeArabia News Service




Tags: RTA | Deadline | project |

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