Dubai’s Roads and Transport Authority is reportedly seeking more than $2 billion in financing for an extension of the metro system to the Expo 2020 site.
The authority is seeking financing for the above-ground 15km extension, according to a Bloomberg report quoted by local media.
The government authority is in talks with banks and contractors to extend the existing Dubai Metro line from the Nakheel Harbour and Tower Metro station, it was reported.
Funding is likely to include bank loans and export credit, unnamed sources told Bloomberg. The RTA did not immediately comment on the matter.
The decision to expand the Dubai Metro Red Line to the Expo 2020 site was formally approved in April.
The ‘Masar 2020 Project’ will see seven new stations added to the Red Line, the UAE state news agency WAM reported at the time.