Prequalification bids for the design, construction, financing, operation and maintenance of the Union Oasis project in Deira – one of Dubai’s busiest districts – were due to be submitted by the extended deadline of the end of last month,
The deadline for the submission of bids was extended by Dubai’s Roads and Transport Authority (RTA), which has introduced enhancements in a bid to increase its appeal to investors.
The Union Oasis project is the first urban transit-oriented development undertaken in partnership with the private sector. It is directly linked with all mass transit means (metro, buses, taxis and marine transit modes), said a top RTA official.
“We are keen to ensure resiliency in dealing with developers and investors by adding new design techniques and models for the financial and contractual structures of the project to enhance its appeal to investors,” remarked Abdul Mohsen Ibrahim Younes, the chief executive at RTA’s Rail Agency.
The RTA, he stated, has also introduced extensive and significant financial enhancements to the investment structure of the project through updating the prequalification information kit.
“The authority has opted to offer a minimum revenue guarantee to the selected developer. Thus, the private developer is no longer required to pay fixed base payment against investing in the project, under certain cases and provisions,” said Younes.
The RTA said it held meetings individually with various developers to discuss