#Dubai in talks for financing backed by road toll revenue: sources - Reuters

Dubai in talks for financing backed by road toll revenue: sources - Reuters:

Dubai is in talks with banks to raise a financing worth billions of dollars which would be backed by road toll revenue, one of the main income generators for the government amid the coronavirus crisis, three sources familiar with the matter said.

Dubai’s economy has been hit hard by virus containment measures that have brought to a near standstill crucial sectors such as aviation and tourism, and it lacks the oil wealth of its neighbour Abu Dhabi to cushion the financial impact.

The emirate has been in discussions with banks for a financing which could be worth billions and would be raised by the Dubai Roads and Transport Authority (RTA), said the sources.

The loan would be repaid using the roads authority’s revenues and income generated by electronic toll collection system Salik, operated by RTA.