Dubai Locks Down $675M For Stalled Tram Project

Law360, New York (February 23, 2012, 4:27 PM EST) -- Dubai has secured $675 million worth of financing Wednesday to kick-start the stalled Al Sufouh Tram project that will link the shopping and educational districts of the emirate's main city.

The dual-currency financing will consist of a $401 million loan backed by the government export credit agencies of Belgium and France, as well as a $274 million Islamic ijara facility, or lease arrangement, split equally between U.S. dollars and United Arab Emirates dirham, according to a statement the Dubai Department of Finance issued through the Emirates...
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