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

The project will involve, among others, the development of a two mixed-use towers (between 20 and 30 floors high) being constructed above the Union metro station on an area spanning 15,000 m². It focuses on developing the Union Square by providing residential units, offices, pedestrian-friendly streets, landscapes, vital utilities and retail outlets among others.

The preferred bidder will enter into a concession agreement for a period of 30 years in addition to three years as a grace period for completing construction works.

The Union Oasis mixed-use PPP project is the first manifestation of Transit-Oriented Development (TOD) concept in the region; which promises to be a prominent destination for residents and visitors of Dubai. TODs helps to increase the use of public transport by developing communities surrounding the mass transit modes.

RTA has also introduced significant financial enhancements to the investment structure of the project offering a Minimum Revenue Guarantee to the selected developer. Thus the private developer is no longer required to pay fixed base payment against investing 

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 & models for the financial & contractual structures of the Project to enhance its appeal to investors. RTA would continue to receive requests relating to pre-qualifications documents from interested developers & investors up to Feb 28 in order to give them sufficient time to fulfill the requirements according to the highest standards & procedures set."

According to local sources, the extension of the deadline for submitting pre-qualification requests and the financial enhancement were undertaken following extensive market study and discussions about the principles of the Union Oasis Project.