worth 1.9 billion dirhams

Etihad Rail signs a financing agreement for passenger transport services with First Abu Dhabi

"Etihad Train" provides passenger transport services to connect all regions of the country.

From the source

H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince's Court, Chairman of the Board of Directors of Etihad Rail, and Sheikh Mohammed bin Saif bin Mohamed Al Nahyan, Vice Chairman of the Board of Directors of First Abu Dhabi Bank, witnessed the signing of an agreement between Etihad Rail and First Abu Dhabi Bank , to finance the railway services project to transport passengers with a value of 1.990 billion dirhams, within the national railway program of the UAE, where the First Abu Dhabi Bank will assume the functions of the approved main organizer of the loan, under this agreement.

The agreement was signed by the CEO of Etihad Rail, Eng. Shadi Malak, and the CEO of the First Abu Dhabi Bank Group, Hana Al Rostamani.

His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan said: "We at Etihad Rail, through the agreement with the First Abu Dhabi Bank, are looking to enhance ways of joint cooperation, unify efforts and work together towards achieving the state's vision in line with the objectives of the National Railways Program in the UAE, which It was launched under the umbrella of the 50 projects aimed at establishing a new phase of internal and external growth for the country.

Sheikh Mohammed bin Saif bin Mohammed Al Nahyan said: "When we look forward to the next fifty years of our nation's growth process, the UAE's leading position in the region and the forerunner in setting ambitious future plans for sustainable development is evident.

There is no doubt that First Abu Dhabi Bank represents a central axis in this process, and it always affirms its commitment to making every possible effort to support the growth of the national economy and raise the standard of living of citizens and residents alike.

Through our support for the Etihad Rail project, we contribute to the consolidation of the country’s position, benefiting from its strategic geographical location as a regional and global center for transport and logistics, and from the UAE’s ability to consolidate its relations with various parts of the world.”

The passenger transport services provided by the "Etihad Train" are among the three strategic projects of the National Railways Program, which was launched by the UAE in December 2021 to form the largest system of its kind for road transport across all emirates of the country, aiming to chart the course of the railway sector for the coming years and decades. In addition to freight rail services, and an integrated transport service.

For his part, Eng. Shadi Malek said: “Through this agreement, we are strengthening our endeavors to provide railway services to passengers, which would be a qualitative addition to the public transport system at the level of the UAE, and at the level of the region, as it constitutes an important part of the network of countries With this agreement, we are taking a step closer towards achieving our strategic goals in this framework and towards consolidating the country’s reputation as a regional and global hub for transport.”

Hana Al Rostamani said, “Etihad Rail provides a perfect example of ambitious visions and strategies that contribute, day after day, to the consolidation of the exceptional position that the UAE enjoys on the international scene.

Through the National Rail Program, which links the various cities and emirates of the country, Etihad Rail contributes to providing many economic and social benefits, which will provide more promising development opportunities in the future.

The First Abu Dhabi Bank is proud to support this pioneering project, as it also represents an example of the serious and continuous national commitment to adopting sustainability as a key element in the various projects being implemented in the country.”

Enhance the spirit of communication

The passenger train enhances the spirit of communication among the residents of the country by linking 11 cities and regions in the country of goods to Fujairah, traveling at a speed of 200 km per hour, with a capacity of up to 400 passengers per train, and by 2030, the number of passengers is expected to increase to more than From 36.5 million passengers annually from all regions of the country, from one end to the other, where they will be able to travel between Abu Dhabi and Dubai in just 50 minutes, and between Abu Dhabi and Fujairah in just 100 minutes, and between Dubai and Fujairah in just 50 minutes, and between Abu Dhabi and Ruwais in 70 minutes.

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