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Etihad Rail, the developer and operator of the UAE’s national railway network, signed an agreement with First Abu Dhabi Bank (FAB) for financing railway passenger transport services with a total value of 1.990 billion UAE dirhams ($542 million).
First Abu Dhabi Bank will be the Certified Lead Arranger for the loan, Etihad Rail said in a press statement.
The agreement, signed by Shadi Malak, Chief Executive Officer of Etihad Rail, and Hana Al Rostamani, Group Chief Executive Officer at First Abu Dhabi Bank, paves the way for the implementation of passenger railway services on the railway network, according to the statement.
Etihad Rail’s passenger services project is one of the three strategic projects of the UAE National Railways Programme, which was launched by the UAE government in December 2021.
According to the statement, the passenger trains will strengthen connectivity within the UAE by connecting 11 cities and locations in the country from Al Sila to Fujairah.
Travelling at a speed of 200 kmph, with a capacity of 400 passengers per train, the number of passengers is expected to increase to reach more than 36.5 million annually across the country by 2030.
Passengers will be able to commute between Abu Dhabi to Dubai in only 50 minutes, between Abu Dhabi and Fujairah in only 100 minutes, between Dubai and Fujairah in only 50 minutes, and between Abu Dhabi and Al Ruwais in only 70 minutes, the statement said.
Stage Two of the national railway network, currently being constructed, is 70 percent complete, the statement added.
(Writing by SA Kader; Editing by Anoop Menon)
