A consortium of three Indian banks has agreed to finance the AED290m ($79m) Dubai Courts public-private partnership (PPP) project, according to a source familiar with the project.

The consortium comprises of Bank of Baroda, State Bank of India and Union Bank of India.

The work involves converting a portion of the car park at the Dubai Courts premises into an integrated development that will include two buildings: one to house the Cassation Court and the other to feature an automated multi-level car park with 1,232 car parking spaces.

The project is located in the employee car park area within the grounds of the Dubai Courts, which currently has 250 car parking spaces.

Construction work begins this month and is expected to take 36 months, which is included in the 30-year concession period. The assets will be transferred back to the Dubai Courts at the end of the agreed period, in compliance with the Dubai PPP law provisions.

The  design, build, finance, operate and transfer (DBFOT) contract was awarded to Park Line in May 2016. The financial close was expected to take place last year but was delayed.

Park Line is a special purpose vehicle created by the Dubai subsidiary of India-based IL&FS Transportation Networks Limited (ITNL) and Next Generation Parking (NGP), a subsidiary of Saudi Arabia’s KBW Investments.

The scheme is the first project undertaken under Dubai’s PPP law, and the first such project outside the emirate’s power and water sectors.