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Dubai wrapping up $2.5 bln in fundraising for metro extension

Dubai hopes to finalise $2.5 billion in fundraising this year for a 15 km (9 mile) extension of its metro to the World Expo site and has already started construction, a government official told Reuters.

"I hope it will be before the end of this year as we've started construction," Mattar al-Tayer, chairman and director general of Dubai's Roads and Transport Authority, told Reuters in an interview this week.

He said the government had already made an advance payment of 600 million dirhams ($165 million) to a consortium of contractors including France's Alstom, Spain's Acciona and Turkey's Gulermak.

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