UAE. Dubai raised AED1.8 billion (US$490 million) by selling naming rights and funding from companies for the light-rail metro system it is building, according to the Roads and Transport Authority (RTA).
Companies will pay AED886.7 million for buying the naming rights and AED917 million for funding the project, according to the statement.
Rights to name the stations were won by local retailers, property developers and telecommunications companies, it said.
Mattar Al Tayer, Chairman of the Board and Executive Director of the RTA, made the announcement during a press conference on Monday.
"At the top of the brands that met the selections criteria of Metro Naming rights and partnership with the RTA are Majid Al Futtaim Group (Mall of the Emirates Station and Deira City Centre Station).
The list also includes Emirates Telecommunication Corporation (Etisalat Station), Gulf General Investment Company (GIGCO Station), Sharaf DG Station, First Gulf Bank Station, Nakheel, which has three stations (Nakheel Station, The Palm Deira Station and Nakheel Harbour and Tower Station) and Dubai Airport Free Zone Station," said Al Tayer.
"Companies and organisations that contributed to funding Dubai Metro Stations include Dubai Holding, which will build six stations costing AED600 million, namely: Dubai Creek, Jaddaf, Emirates Towers, Dubai Health Care City, TECOM and Business Bay.
The list also includes Emirates Airlines (Emirates Airlines Station costing AED100 million), Emaar (Burj Dubai Station costing AED100 million), and Dubai Multi Commodities Centre (Jumeirah Lake Towers Station costing AED117 million).
"Dubai Metro Naming Rights initiative commanded huge attention of CEOs and senior marketing executives of leading local and global companies and brands, representing the first batch of companies joining Dubai Metro Naming Rights initiative," Al Tayer said.