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Dubai Awards $5.5 Bln Metro Line Project to Consortium

The metro line will span 30 km and include 14 stations
The metro line will span 30 km and include 14 stations
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Dubai Awards $5.5 Bln Metro Line Project to Consortium

The metro line will span 30 km and include 14 stations
The metro line will span 30 km and include 14 stations

The Dubai Roads and Transport Authority (RTA) awarded on Thursday a 20.5 billion dirham ($5.5 billion) contract for the Dubai Metro Blue Line project to a consortium of three companies.

The consortium consists of Türkiye's MAPA and Limak, and China's state-owned CRRC.

The metro line will span 30 km and include 14 stations.

The project is scheduled to be completed on September 9, 2029, with construction slated to begin in April 2025. The completion date is 20 years to the day since Dubai Metro opened, initially with 10 Red Line stations, on September 9, 2009.

The Blue Line will offer “sustainable and flexible public transport solutions that enhance mobility for residents and visitors, elevate quality of life, and strengthen Dubai’s position as a global hub for events and activities,” said RTA Director General Mattar Al Tayer.

The Blue Line is expected to generate 56.5 billion dirhams in economic benefits by 2040, driven by savings in time, fuel consumption, reduced road accident deaths, and lower carbon emissions, he added.

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Gold Set for Weekly Drop; Traders Await US Inflation Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Set for Weekly Drop; Traders Await US Inflation Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose on Friday, but were set for a weekly decline after the Federal Reserve signalled a slowdown in rate cuts next year, while focus shifted to a key US inflation print due later in the day.
Spot gold was up 0.5% at $2,606.19 per ounce, as of 0821 GMT, but has lost about 1.5% so far this week.
US gold futures was 0.5% higher at $2,620.60, Reuters said.
Gold is consolidating as "investors await Trump to resume office next year and the Fed will also go meeting by meeting, considering the data development and seeing what is part of Trump's trade policy," said Soni Kumari, a commodity strategist at ANZ.
Investors now await the core Personal Consumption Expenditures (PCE) data, the Fed's preferred inflation measure, for further clues on the US economic outlook.
The Fed cut rates by 25 basis points on Wednesday, but the cautious note struck in its economic projections and expected slowdown of rate cuts pushed gold to its lowest level since Nov. 18.
Data showed on Thursday that the US economy grew faster than expected in the third quarter, while jobless claims also slipped more than anticipated, reinforcing expectations that the central bank will take a cautious approach to policy easing.
A slightly more hawkish set of the Fed's regional bank presidents will become voters on its rate-setting panel in 2025, raising the chance that any further rate cuts next year could spur more dissents like the one seen from the head of the Cleveland Fed.
Higher rates dull the appeal of the non-yielding asset.
According to Reuters technical analyst Wang Tao, spot gold may retest support at $2,582 per ounce.
Spot silver gained 0.1% to $29.06 per ounce but was headed for its worst week since April.
Platinum dropped 0.2% at $921.50 and palladium rose 0.5% to $910.63. Both the metals were poised for weekly losses.