An agreement has been reached by Etihad Rail, Oman Rail, and Mubadala Investment Company to start building the Omani-Emirati railway network project.
During Sultan Haitham bin Tarik’s state visit to the United Arab Emirates, the agreement was signed.
The shareholder agreement was signed in the presence of Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Etihad Rail and Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs.
The UAE and Oman will be more prominent as entry points to regional markets thanks to the joint railway network, which would require a total investment of US$3 billion. Additionally, the network will open doors for the creation of jobs in both countries’ various industries.
The joint venture, formerly known as Oman-Etihad Rail Company, will now go by the name Hafeet Rail. The name honors Jebel Hafeet, which is situated between the United Arab Emirates and the Sultanate of Oman.
Because of its rough terrain, which consists of mountains, deserts, and unusual limestone formations, Jebel Hafeet serves as a link between the two neighbors and is strategically and historically significant for both nations.
By establishing a connection between commercial ports and railways in both nations, the network will enable trade across borders. Approximately 270 standard containers, or more than 15,000 tonnes of cargo, can be transported in a single freight train trip.
Also Read:
UAE: Road and Dam Damage is Being Repaired, and an Expansion Plan is Being Developed
UAE: Early Trade in Dubai Saw a Slight Increase in Gold Prices
