Government

The Roads and Transport Authority (RTA) revealed the extension of the due date set for sending documents for pre-qualification of developers and potential bidders for the design, building, financing, operation and upkeep of the Union Oasis task until the 28 February. RTA has likewise presented comprehensive and significant financial enhancements to the investment structure of the Project through upgrading the prequalification info kit.

Abdul Mohsen Ibrahim Younes, CEO of RTA's Rail Agency, stated: "RTA is keen on making sure resiliency in dealing with developers and financiers by adding new design techniques & models for the financial & legal structures of the Project to enhance its appeal to investors. RTA has decided to offer a Minimum Revenue Guarantee to the selected developer. Therefore the private developer is no longer required to pay fixed base payment against purchasing the job, under particular cases & provisions.

"The extension of the deadline for submitting pre-qualification demands and the intro of the improved financial plan of the task structure were carried out following comprehensive market sounding and going over the industrial principles of the Union Oasis Project. The step shows our eagerness to boost the attractiveness & feasibility of the Project, which takes pride in being the very first metropolitan Transit Oriented Development carried out in collaboration with the economic sector. The project is located in one of Dubai's busiest districts, and is straight linked with all mass transit suggests (metro, buses, taxis and marine transit modes)," he added.

"RTA would remain to requests associating with pre-qualifications documents from interested developers & investors approximately Feb 28 in order to provide them adequate time to satisfy the requirements according to the highest standards & procedures set. Conferences are presently being held with various developers separately to talk about the lays out as well as the pre-qualification & bidding documents that are obtainable from RTA website (www.rta.ae), or through the e-mail address: (unionoasis@rta.ae)," added Abdul Mohsen.

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