RTA asks investors to qualify for Union Oasis project

RTA asks investors to qualify for Union Oasis project
Work is currently underway in revising Project Manual along with bidding conditions
By 24/7 news
Published Sunday, September 06, 2015

Union Oasis RTA1Union Oasis RTA

Dubai’s Roads and Transport Authority (RTA) is opening the tendering process of the Union Oasis project to developers and investors from the private sector, and is inviting them to complete the prequalification requirements this month. Work is currently underway in revising the Project Manual along with the bidding conditions for selecting the best partners to align them with Law No. 22 for 2015 governing the Public Private Partnership in the Emirate of Dubai.

“The Project Manual, which was released to investors and developers last March, is currently being revised. This guide contains comprehensive information about the Union Oasis project which comprises the construction of towers above the Union Square Metro Station spanning an area of about 15 thousand square metres,” said Abdullah Yousef Al Ali, CEO of RTA Rail Agency.

“Comments and views of investors have been taken into consideration and acted upon in carrying out the revision of the manual, along with the standards and conditions set for selecting the best partners to undertake the project in the light of the new law. The new law stipulates the conditions of partnership, basis of selecting the partner, company qualification procedures, specifications and conditions of accepting and assessing proposals.

The RTA is giving investors the opportunity of drawing up alternative architectural designs compatible with the approved architectural vision of the project, including its phased construction. According to the new law, the agreement will be valid for 30 years in addition to 3 years as a grace period for completing construction works along with other facilities.

The Union Oasis Project is the first example of Transit-Oriented Development (TOD) concept in the region to attract Dubai’s residents and visitors. This project focuses on developing Union Square by providing an environment including residential units, offices, utilities, and retail outlets, among others. The RTA says it will follow the world’s best practices in the project as per the Public-Private Partnership model, which will contribute to invigorating Deira.

Posted on September 7, 2015 in Property, Real Estate

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