Dubai raises $800 million to fund RTA projects

Dubai has completed an $800 million (over Dh2.9 billion) financing facility based on future revenues from Salik tolls that will be used to fund the emirate’s infrastructure projects.

This huge spending in infrastructure projects would create a lot of jobs and also contribute to the growth of Dubai significantly, according to financial experts.

“The deal was completed on July 5 and the response was strong enough to allow the government to reduce the margin to 325 basis points above the London interbank offered rate from 350 basis points,” Bloomberg said, quoting the MEED website.

* username: rupertbu