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Oman and Etihad Rail Company, the joint venture developer and operator of the proposed UAE-Oman Rail Network, have signed a cooperation agreement with Abu Dhabi's Mubadala Investment Company, to support the development of the 303-kilometer railway network with an overall investment value of $3 billion.
The partnership comes in line to strengthen cooperation to support the Oman and Etihad Rail Company in accelerating the planning and execution process of the UAE-Oman rail network, Abu Dhabi Media Office said in a statement.
The cooperation agreement includes forming working groups and joint committees to share expertise and knowledge, collaborative efforts in developing economic and financial feasibility studies, and joint investments in developing the UAE-Oman railway network.
In September 2022, UAE national railway network company Etihad Rail had signed an agreement with Oman Rail to establish an equally-owned company to design, develop and operate a $3 billion railway network connecting Sohar Port to the UAE’s rail network.
(Writing by D Madhura; Editing by Anoop Menon)
