Mubadala to Support Development of UAE-Oman Railway Network
Oman and Etihad Rail Company, the developer and operator of the UAE-Oman Rail Network, signed a cooperation agreement with Mubadala Investment Company, a sovereign investor in Abu Dhabi, to support the development of the 303km railway network, which connects Oman and the UAE, with an overall investment value of $3 billion.
The partnership comes in line with the two parties’ efforts to explore investment opportunities in the railway sector and strengthen cooperation to support the Oman and Etihad Rail Company in accelerating the planning and execution process of the UAE-Oman Rail Network.
The cooperation agreement includes formation of working groups and joint committees to benefit from the shared expertise and knowledge, joint efforts in developing economic and financial feasibility studies, in addition to joint investments in the development of the UAE-Oman railway network and cooperation to enhance the project’s added value.
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,, has witnessed the signing ceremony, along with members of the Board of Directors of Oman and Etihad Rail.
Oman Rail & Etihad Rail Ink Deal to Build $3 Billion Railway Line
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.
His Excellency Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure and Chairman of Oman and Etihad Rail Company, said: “The establishment of 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 will transform the infrastructure, transport, and logistics sectors, and enhance commercial movement and social cohesion, by linking economic, industrial, commercial, and residential centers through the railway network.”
Dr. Bakheet Al Katheeri, Executive Director of the UAE Industries Unit at Mubadala’s UAE Investments platform, commented: “"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."
Ahmed Al Musawa Al Hashemi, CEO of Oman and Etihad Rail Company said: “The rail network between Oman and UAE is of strategic importance as it is a valuable addition to the logistics service sector in both countries, and contribute to increasing their competitiveness in the market by reducing the total cost of the supply chain.”
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