Dubai to use $800m Salik funds for roads

Dubai Revenue generated by Dubai's Salik road toll system will fund existing infrastructure projects across the city, the government said yesterday.

The Department of Fin-ance has hired four banks — Emirates NBD, Dubai Islamic Bank, Citibank and Commercial Bank of Dubai — to raise $800 million (Dh2.9 billion) as part of the dual currency, six-year financing project.

All proceeds of the fin-ancing will be used to support the Roads and Transport Authority's (RTA) infrastructure projects, the Dubai Government's media office said in a statement.

Mattar Al Tayer, Chairman of the Board and Executive Director of the RTA, said: "The RTA will begin implementing interior road construction projects in a number of residential areas in order to provide the best level of services possible.

"The funding will help push forward the wheel of progress on road and key transportation projects currently being carried out."

Motorists are charged Dh4 each time they pass through a Salik gate with a maximum charge of Dh24 per day.