Etihad Rail – the developer and operator of the UAE’s national railway network – announced that it has secured financing of USD 1.28 billion (AED 4.7 billion) for Stage One of its railway project, which comprises the route from Shah and Habshan to Ruwais.
The loan is being financed on a club deal basis by National Bank of Abu Dhabi PJSC, Bank of Tokyo-Mitsubishi UFJ, Abu Dhabi Commercial Bank and HSBC Bank Middle East Ltd.
Commenting on the completion of financing for the first stage of the project, H.E. Nasser Alsowaidi, Chairman of Etihad Rail said, “The securing of this loan not only represents the beginning of a new era for the UAE in trade and travel through a transportation network that will connect all seven emirates with our GCC partners, but also reflects the international financial community’s confidence in Etihad Rail and the significant potential of the UAE’s national railway.”Stage One of the Etihad Rail network will extend 264 km from Shah and Habshan to Ruwais, facilitating a modern, safe, efficient and environmentally friendly means to transport ADNOC’s shipments of granulated sulphur for export at the port of Ruwais. Etihad Rail received its first shipment of wagons for Stage One in December last year, and will receive its first shipment of locomotives this quarter, while construction works on the route are well underway. Upon completion, the UAE’s national railway network will span approximately 1,200 km across the Emirates, boosting economic growth by connecting key centres of industry and population, and sustaining trade and social development. The Etihad Rail network will also form a vital part of the GCC railway network.