Bloomberg News

Dubai Raises $675 Million Financing for Al Sufouh Tram Project

February 23, 2012

Feb. 22 (Bloomberg) -- Dubai’s Department of Finance raised $675 million from a dual-currency financing to complete phase 1 of the Al-Sufouh Tram project in the emirate.

The facility comprises a $401 million loan which will amortize over 10 years from 2015, the government’s Media Office said in an e-mailed statement today. The second portion is a six-year $274 million Islamic Ijara facility, split equally in dollars and dirhams, and amortizing over three years from 2015.

Citigroup Inc., Deutsche Bank AG, and HSBC Holdings Plc helped arrange the facility, it said.

To contact the reporter on this story: Maher Chmaytelli in Dubai at

To contact the editor responsible for this story: Shaji Mathew at

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