The concession, which is worth around €3bn, comes into effect with the expiry of RET's current contract in December 2016 and runs until December 2026.

The agreement is based on RET achieving minimum standards for performance, with financial incentives for exceeding targets. At present the passenger satisfaction index is 7.8 out of 10 for metro and 7.6 for tram. The average must increase to 7.8 at the end of the 10-year concession period.

Furthermore, there are performance criteria for punctuality and cancellations. The RET passenger information app must be developed further and also include extensively English language content.

Both MRDH and the municipality of Rotterdam, which is the sole shareholder in RET, have agreed that MRDH will purchase one share in the company. This is a minimum requirement of the Dutch Public Transport Act to avoid the obligation for competitive tendering of public transport operation in the four largest Dutch cities. Formally the ownership of one share gives the authority a limited degree of influence in the management of RET.