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17 April 2024

RTA extends Union Oasis Project prequalification deadline

By Wam

Roads and Transport Authority (RTA) announced the extension of the deadline set for submitting documents for pre-qualification of developers and potential bidders for the design, construction, financing, operation and maintenance of the Union Oasis project until the February 28.

RTA has also introduced extensive and significant financial enhancements to the investment structure of the project through updating the prequalification information kit.

Abdul Mohsen Ibrahim Younes, CEO of RTA’s Rail Agency, said: "RTA is keen on ensuring 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. RTA 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.

"The extension of the deadline for submitting pre-qualification requests and the introduction of the enhanced financial package of the project structure were undertaken following extensive market sounding and discussing the commercial principles of the Union Oasis Project. The step illustrates our keenness to enhance the attractiveness and feasibility of the project, which boasts being the first urban Transit Oriented Development undertaken in partnership with the private sector. The project is located in one of Dubai’s busiest districts, and is directly linked with all mass transit means (metro, buses, taxis and marine transit modes)," he noted.

"RTA would continue to receive requests relating to pre-qualifications documents from interested developers and investors up to February 28 in order to give them sufficient time to fulfill the requirements according to the highest standards and procedures set. Meetings are currently being held with numerous developers individually to discuss the outlines as well as the pre-qualification and bidding documents that are obtainable from RTA portal (www.rta.ae), or through the e-mail (unionoasis@rta.ae)," added Abdul Mohsen.