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Monday, February 26, 2024
Home News Fleet Oman and Etihad Rail Company and Mubadala to speed-up UAE-Oman rail network

Oman and Etihad Rail Company and Mubadala to speed-up UAE-Oman rail network

Oman and Etihad Rail Company has signed a cooperation agreement with an overall investment value of US $3bn with Mubadala Investment Company

Oman and Etihad Rail Company, the developer and operator of the US $3bn UAE-Oman Rail Network, has signed a cooperation agreement with Mubadala Investment Company. The deal is in support of the development of the 303km-long railway network that will connect Oman and the UAE.

In a statement, the companies said that the partnership comes in line with the two parties’ efforts to explore investment opportunities in the railway sector. In addition, it will strengthen cooperation and support the Oman and Etihad Rail Company’s efforts in accelerating the planning and execution process of the UAE-Oman Rail Network.

The cooperation agreement includes the formation of working groups and joint committees to benefit from the shared expertise and knowledge, joint efforts in developing economic and financial feasibility studies. Furthermore, it will support joint investments in the development of the UAE-Oman railway network and cooperation to enhance the project’s added value, the statement continued.

The signing ceremony was attended by His Excellency Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, Chairman of Oman and Etihad Rail Company, along with members of the Board of Directors of Oman and Etihad Rail.

“The establishment of the Oman-Etihad Rail network, is an extension of the strategic relations and strong historical ties between the UAE and the Sultanate of Oman, and the foundation of the strong partnership between Etihad Rail and Oman Rail. The joint venture (JV) will transform the infrastructure, transport, and logistics sectors, and enhance commercial movement and social cohesion, by linking economic, industrial, commercial, and residential centres through the railway network,” he stated.

The agreement was signed by Ahmed Al Musawa Al Hashemi, CEO of the Oman and Etihad Rail Company, and Dr. Bakheet Saeed Al Katheeri, Executive Director of the UAE Industries Unit at Mubadala’s UAE Investments platform.

“The MOU signed between Mubadala, and Oman and Etihad Rail Company is designed to explore and unlock new opportunities in the infrastructure, transport, and logistics industries. The strategic partnership with Oman and Etihad Rail Company is aimed at driving economic development and collaboration amongst both countries as well as create value for all stakeholders,” stated Dr Bakheet Al Katheeri.

The signing of the agreement follows the establishment of the Oman and Etihad Rail Company, a JV established by Oman Rail, the Sultanate’s national developer and operator of railway networks, and Etihad Rail, the developer and operator of the UAE’s National Rail Network.

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Stephen Whitehttps://truckandfleetme.com/
Stephen White was formerly editor of Big Project ME.
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