By Deena Kamel www.bloomberg.com
From commuter trains to highways, Dubai is doubling down on its bet that investments in transportation will spur the emirate’s economy as lower crude prices strain budgets in the oil-dependent Persian Gulf region.
Dubai expects to solicit bids within eight months for road projects worth as much as four billion dirhams ($1.1 billion) as part of a bigger drive to upgrade transport links in the city, Mattar Al Tayer, director general and chairman of its Roads and Transport Authority, said in an interview in the city.
His comments followed the awarding on Wednesday of a 10.6 billion-dirham contract to extend the emirate’s metro-train system as Dubai prepares to host the 2020 World Expo.
“There’s a lot of cuts in projects in neighboring countries,” Al Mattar said. More info