Arab News, Thursday, Feb 23, 2023 | Sha'ban 03, 1444
Rail network linking UAE and Oman receives $3bn investment boost
A plan to build a new rail network linking the UAE
and Oman is a step closer thanks to a new $3 billion agreement.
Oman and Etihad Rail Co. and Abu Dhabi’s funding
firm Mubadala have signed a deal to back the development of a 303 km railway
network connecting the two countries.
The agreement will see the journey between Oman’s
capital Sohar and the UAE city of Al Ain take just 47 minutes.
The new deal falls in line with the goals and
objectives of both parties to further bolster ties and explore more investment
opportunities in order to accelerate all procedures relating to the UAE-Oman
Rail Network including planning as well as execution.
“The signing of the cooperation agreement between
Oman and Etihad Rail company and Mubadala reflects the commitment of both
parties to building strategic partnerships and strengthening cooperation with
leading entities to promote investment, economic growth, and comprehensive
development in both countries,” the Minister of Energy and Infrastructure and
Chairman of Oman and Etihad Rail Co. Suhail bin Mohammed Faraj Faris Al Mazrouei
said, according to a statement.
The new partnership entails the creation of
working groups as well as joint committees in an attempt to profit from the
shared know-how expertise, and knowledge.
In addition to this, both parties will work to
develop economic and financial feasibility studies.
Under the collaboration, the two companies will
also ensure investments in the growth and expansion of the UAE-Oman railway
network as well as cooperation to enhance and further elevate the project’s
“The agreement will contribute to enhancing and
developing the national economy in the UAE and the Sultanate by improving supply
chain efficiency, opening new cross-border trade opportunities, and providing
safe and sustainable means of transportation via rail for passengers and goods,”
Al Mazrouei added.
“The strategic partnership with Oman and Etihad
Rail Co. is aimed at driving economic development and collaboration amongst both
countries as well as create value for all stakeholders,” the Executive Director
of the UAE Industries Unit at Mubadala’s Investments platform Bakheet Al