New Agreement Signed to Develop UAE-Oman Railway
Oman and Etihad Rail Company, who developed and runs the UAE-Oman Rail Network, signed a collaboration agreement with Mubadala Investment Corporation, an Abu Dhabi-based sovereign investor, to fund the construction of the $3 billion, 303 km long railway network that connects Oman and the UAE.
Passenger train speeds of up to 200 km/h will reduce journey times from Sohar to Abu Dhabi and Al Ain to one hour and forty minutes and 47 minutes, respectively. Freight trains will operate at speeds of up to 120kph.
The collaboration with Mubadala is in line with the efforts of the two parties to investigate business potential in the rail industry and to fortify their partnership in order to assist the Oman and Etihad Rail Company in hastening the planning and construction of the UAE-Oman Rail Network.
In order to take advantage of the shared expertise and knowledge, the cooperation agreement calls for the creation of working groups and joint committees. It also calls for joint efforts to develop economic and financial feasibility studies, joint investments in the expansion of the UAE-Oman railway network, and collaboration to increase the project's added value.
The ceremony Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, Chairman of the Oman and Etihad Rail Corporation, and members of the Oman and Etihad Rail Board of Directors.
Source: Khaleej Times
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