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FINANCIAL NEWS
Etihad Rail starts on second phase of USD11bn UAE rail network
01 Oct 2014
(MENAFN) Etihad Rail, the UAE’s railway developer, announced it is set to secure government funding and award contracts for the construction of the second phase of its USD11 billion national rail network, Arabian Business reported.
The second phase of the UAE railway project is set to become the longest of the three planned stages of the project at 628 kilometers, will connect the Mussafah port and industrial area and ports in Abu Dhabi and Dubai with the Saudi and Omani borders.
Meanwhile, Etihad Rail, which refused to disclose the cost of the second phase of the project, has secured a USD1.28 billion, five-year loan build the first phase of the project last year, which covered about 264 kilometers in the west of the country and is now complete and has begun operating trials.
Phase Three is set to link up the northern emirates to complete the UAE network, covering about 1,200 kilometers and will become a part of wider regional long-distance rail transport project planned by the Gulf Cooperation Council, which will also include the rest of the GCC members.
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