RIYADH: Oman Rail has signed an agreement with Etihad Rail, UAE’s national developer and operator of railway networks, to jointly establish an equally-owned company named Oman-Etihad Rail Co.
The agreement was signed on the sidelines of UAE President Sheikh Mohamed bin Zayed Al-Nahyan’s visit to Oman.
According to a report from news agency WAM, $3 billion will be invested in the new entity to design, develop and operate a railway network connecting Sohar Port to the UAE National Rail Network.
Upon development of this railway network, the travel time from Sohar to Abu Dhabi will be reduced to 1 hour 40 minutes, and from Sohar to Al Ain to 47 minutes, as the trains will move at a speed of 200 kilometers per hour.
Meanwhile, the freight trains will run up to 120 km/h.
ADQ and OIA identify $8 billion in investments in Oman
ADQ, an Abu Dhabi-based investment and holding company, conducted discussions with the Oman Investment Authority and identified investment opportunities worth over AED 30 billion ($8.17 billion) in new projects within Oman.
This happened on the sidelines of UAE President Sheikh Mohamed bin Zayed Al-Nahyan’s visit to Oman.
According to a statement, these investment opportunities range across sectors which include hydrogen, solar and wind, green aluminum and steel, as well as water and electricity transmission lines.
The statement further added that ADQ is also eyeing investment opportunities in the food and agriculture, logistics, technology, and healthcare sectors.
“As part of the UAE’s long-standing bilateral relationship with Oman, we discussed several potential strategic opportunities that can unlock significant synergies and value through joint collaboration across key industries in the Sultanate,” said Mohamed Hassan Alsuwaidi, managing director and CEO of ADQ.
