The team behind MetroLink has said it is "unhelpful" that the project has not received planning permission, but it is hopeful that it will be granted before the end of this year.
Speaking at the first of series of events to attract bidders for the long-promised project, Deputy Programme Director Michael Flynn said there is real concern among potential investors if it will go ahead because many invested heavily in bidding for previous versions of it.
"That's the reality of the situation. There's been the history of Metro North, and one of the things we find when you engage with these big international firms is that they all remind us that they spent an absolute fortune bidding for the Metro North project.
"They question whether Dublin and Ireland is serious about building MetroLink because they they know they have other options available to them on the global stage, and that is a real concern, and that is also one of the motivations why we need to do this market engagement activity here in Dublin."
Watch: Taoiseach speaks at MetroLink market event at The Helix in DCU
Around 700 delegates from the international construction and transport industries attended the MetroLink market event at The Helix in DCU.
It is the first in a series of market events being held throughout Europe to convince bidders to tender for the project.
The Metrolink plan consists of a new 18.8km railway line, most of which will be underground, from Charlemont near Dublin city centre to Swords Estuary in the north of the county.
Mr Flynn said the team is hopeful that MetroLink will receive planning permission from An Coimisiún Pleanála to allow it to begin the procurement process early next year.
"There's quite a lot of work ongoing in the Government at the moment to look at how infrastructure will be delivered in the future, and how can the various policies and so on be amended to facilitate a smoother transition for these very large projects.
"But based on what we've been told so far, and based on the timing, we think that by the time we're ready to actually press the button officially in the European Journal for Procurement, we will have the railway order in our hands."
Mr Flynn said that it is "a seller's market" when it comes to tendering for MetroLink.
"There’s a very small pool of large international companies capable of doing this work, and broadly, there is huge demand across the globe for those companies to come and do work.
"So we're basically vying with the rest of the world to attract those big companies here to Dublin and we're trying to demonstrate to them that this project is viable.
"It's going to be ready to enter the market in the early part of next year and we're trying to put them on notice that we're coming.
"They're in a position where it's a seller's market. They can pick and choose which projects they take. They can pick and choose which countries they want to undertake the work in.
"We're trying to demonstrate that Dublin is the right place for them to choose and that we're the right project for them".
Mr Flynn also said that he expects construction to begin in 2027, with the project due to be completed by around the mid-2030s, but he said all of this is dependant on when the bidding process can begin.
"The reality is, until we start the bidding process, and until we engage the supply chain and get their feedback, it would be unwise to be able to commit to a specific bid.
"Until we go through that process, the people who are going to build it and when we get those bids back, that's when we'll know what is the costs that are coming through the bidders and what are the timescales that they're proposing to build it in."
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Govt underlines commitment to delivering MetroLink
Taoiseach Micheál Martin and Tánaiste Simon Harris opened the event by underlining the Government's commitment to MetroLink.
Mr Martin said that "tangible delivery" of the project "will commence under this Government's leadership".
"We are putting in place the structures, the people and the funding that will see the transport landscape of the country change and improve immeasurably.
"The funding is now in place. Funding is, however, just one piece of the puzzle. The many industry experts that I've engaged with have made it very clear that the system needs to change and we are listening.
"We're not saying we need to cut corners, but we are saying we need to cut out unnecessary steps, to run things in parallel rather than sequentially, and to change our risk appetite if we are going to reset the dial on driving delivery of major projects that we need as a society and as an economy."
The Taoiseach also said the MetroLink budget will be watched closely and the expectation is that the project will be delivered on time and within budget.
"That is not to say we take our eyes off the ball in terms of value from money. We expect to see projects brought in on time and on budget, and we will still spend time in the planning phase of projects, setting them up for success in that regard, but we do need to make the system work faster and better."
Mr Martin said that MetroLink would support the direct delivery of 32,000 new homes along its route and that the Government is energised and excited by the it.
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The Tánaiste said the project is transformative and will have enormous benefits for generations to come.
"The economic benefits of the project stand up to scrutiny. This is a project that will deliver for the taxpayer and deliver for the country as a whole," Mr Harris said.
"The economic cost of congestion is well documented. It is forecasted to be around €1.5 billion per annum by 2040 in Dublin alone.
"MetroLink has a key role in terms of the overall package of measures we need to put in place to tackle that drag on our competitiveness while its high-capacity provides a much-needed boost in terms of accessibility to Dublin Airport which, along with Dublin Port, is our gateway to the world and so vital for a small, open economy such as our own."
Mr Harris said the number of apprentices being trained in Ireland would help with MetroLink, adding that the Government is committed - through both planning and people - to deliver the project.
