The Department of Finance in Dubai has completed a US$675mn dual currency financing for the construction of phase one of the Al-Sufouh tram project in Dubai.

Citibank, Deutsche Bank and HSBC acted as mandated lead arrangers and underwriters for the transaction.

The first tranche of the deal comprises a 13-year US$401mn loan amortising over 10 years from 2015. The loan is guaranteed by Belgium’s export credit agency ONDD and France’s Coface.

The second tranche is a six-year US$274m Islamic Ijara facility, split equally in US dollars and Emirian dirham, and will amortise over three years from 2015.

The project will construct a 10km-long tram track from Dubai Marina to the Knowledge Village region.