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FinancialNews
23-02-23
Rail network connecting UAE, Oman obtains USD3B funding boost
(MENAFN) A strategy to establish an additional rail network connecting the UAE and Oman is a move forward thanks to a fresh USD3 billion deal.
Oman and Etihad Rail Co. and Abu Dhabi’s investing company Mubadala have inked an agreement to support the improvement of a 303 km railway network linking the two nations.
The deal is going to see the journey among Oman’s capital Sohar as well as the UAE city of Al Ain take only 47 minutes.
“The signing of the cooperation agreement between Oman and Etihad Rail company and Mubadala reflects the commitment of both parties to building strategic partnerships and strengthening cooperation with leading entities to promote investment, economic growth, and comprehensive development in both countries,” the Minister of Energy and Infrastructure and Chairman of Oman and Etihad Rail Co. Suhail bin Mohammed Faraj Faris Al Mazrouei stated, in line with an announcement.
MENAFN23022023000045014228ID1105624758
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