Abu Dhabi (Al Ittihad)
The Oman and Etihad Rail Company, the developer and operator of the railway network linking the Sultanate of Oman and the UAE, and the Mubadala Investment Company (Mubadala), the sovereign investment company in Abu Dhabi, have signed a cooperation agreement to develop the railway network linking Oman and the UAE, which extends over a distance of 303 km. And the total value of its investments is three (3) billion dollars.
The partnership comes within the framework of the two sides’ endeavor to discuss investment opportunities and expand horizons of cooperation in the railway sector, in a way that supports the efforts of the “Oman and Etihad Rail” company in accelerating the pace of work to prepare preparatory work and complete the work plan for implementing the railway network project between the Emirates and Oman.
The cooperation agreement includes the formation of working groups and a joint committee to benefit from common capabilities and knowledge, and joint work to develop an economic and financial feasibility study, in addition to joint investment in developing the railway project between the Emirates and Oman, and joint cooperation to enhance the added value of the project.
The signing of the agreement was witnessed by Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, Chairman of the Board of Directors of the Oman and Etihad Rail Company, along with a number of members of the Board of Directors of the Oman and Etihad Rail Company.
The agreement was signed by Ahmed Al-Masawi Al-Hashemi, CEO of Oman and Etihad Rail, and Dr. Bakhit Saeed Al-Kathiri, Executive Director of the Strategic Industries Unit in the Investment Sector in the UAE at Mubadala Company.
In this regard, His Excellency Suhail bin Muhammad Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, Chairman of the Board of Directors of Oman and Etihad Rail, said: “The establishment of Oman and Etihad Rail is an extension of the strategic relations and strong historical ties that unite the United Arab Emirates and the Sultanate of Oman, as well as It is the result of the close relations between Etihad Rail and Oman Rail, as the joint company aims to open new horizons in the sectors of infrastructure, transport and logistics services, in addition to enhancing commercial movement and social cohesion, by linking the economic, industrial, commercial and residential areas with a railway network. He added: “The signing of the cooperation agreement between Oman Company, Etihad Rail and Mubadala Company stems from the keenness of the two parties to build strategic partnerships and strengthen cooperation with leading entities that would provide added value to enhance investment, economic growth and comprehensive development in the two countries, as the agreement will contribute to supporting The objectives of strengthening and developing the national economy in the UAE and the Sultanate of Oman, by raising the efficiency of the supply chain system and opening new commercial horizons across the borders between the two brotherly countries, and adding safe and sustainable means of transport using railways for goods and passengers.
For his part, Dr. Bakhit Saeed Al Kathiri, Executive Director of the Strategic Industries Unit in the Investment Sector in the UAE at Mubadala Company, said: “This agreement, which was signed between Mubadala, Oman Company and Etihad Rail, comes to explore new opportunities in the infrastructure, transportation and logistics sectors. This strategic partnership with Oman and Etihad Rail aims to take an important step towards driving economic development, enhancing cooperation between the two countries, as well as creating value for all stakeholders.”
For his part, Ahmed Al-Masawi Al-Hashemi, CEO of Oman and Etihad Rail, said: “The railway network linking Oman and the UAE is of strategic importance as it is a qualitative addition to the logistics services system in the two countries, in addition to its contribution to enhancing levels of competitiveness in the market, and reducing The total cost of the supply chain, in line with the directions of the two brotherly countries regarding achieving sustainable development by upgrading the transport and infrastructure sectors to new horizons. The cooperation agreement with Mubadala comes to confirm the strategic position of the joint rail network project, in a way that contributes to achieving its goals and meeting its ambitions.
