The Board of Directors of Oman Rail-Etihad Rail JV Company, a joint venture between Oman Rail, developer and operator of the Oman national Rail Network, and Etihad Rail, developer and operator of the UAE National Rail Network, held its inaugural meeting in Dubai two days after signing an agreement to establish the company.
The signing ceremony took place on the sidelines of UAE President His Highness Sheikh Mohammed bin Zayed Al Nahyan's visit to Oman.
The Board of Directors, Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, Said bin Hamoud Al Maawali, Minister of Transport, Communications and Information Technologies of Oman, Sheikh Nasser Sulaiman Al Harthy, Deputy Head of Operations Affairs, Oman Investment Authority and Chairman of Asyad Group, Etihad Rail Mobility Management It includes Saeed Al Zaabi, Chairman of the Board, Abdulrahman Salim Al Hatmi, Group CEO of Asyad Group, and Shadi Malak, CEO of Etihad Rail.
Board members commended the wise leadership of the two countries for their unwavering support and strategic vision to foster cooperation and joint action between the two countries in various fields. They also commended the leadership's guidance and direction in establishing the joint venture to build and operate a rail network connecting Sohar Port with the UAE National Rail Network. They described it as an extension of the Sultanate of Oman and the UAE's long-standing cooperation.
The meeting discussed the environmental studies for the routes, the business model and the commercial affairs of the joint venture, as well as the implementation plans, including the Board of Directors, technical studies and architectural design. Emphasis was placed on the importance of rapidly monitoring the execution of the project. The Board is also committed to adopting the highest global standards for safety, security and sustainability throughout the development of the network, which will extend up to 303 kilometers to provide safe and fast passenger transportation and freight services. The network will contribute to the growth of the economies of the two countries and will increase the efficiency of supply chains while facilitating cross-border trade by connecting commercial ports to the rail network.
The Board of Directors also appointed Ahmed Al Hashemi as CEO of Oman Rail-Etihad Rail JV Company and Mohammed bin Zahran Al Mahruqi as Deputy CEO.
Al Mazrouei said the establishment of the joint venture is in line with the directives of both leaderships to achieve sustainable development by boosting the transport and infrastructure sectors while supporting economic and business growth.
“The joint rail network will advance the land transport system between the two countries in line with best-in-class criteria and standards, provide safe, reliable and sustainable transport, further facilitating the connection between industrial and commercial centers, and strengthening the long-standing social cohesion between the two countries.” said.
Al Maawali said, “The strategic initiative to develop a rail network between the Sultanate of Oman and the UAE will strengthen the strong fraternal ties between the two countries and also reflect their joint efforts towards social and economic integration.”
“Through this partnership and the development of the logistics it will bring, various economic and commercial activities will reap various benefits by providing high-quality transportation solutions and creating new opportunities that will contribute to establishing a link between the vital economic and industrial zones in the UAE and the Sohar and Oman free zone.” said.
The US$3 billion rail network will contribute to the growth of the national economies of the two countries and will facilitate cross-border trade by connecting commercial ports to the rail network, while increasing the efficiency of their supply chains.
Source: wam.ae/en – Katia El Hayek/ Maryam
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