Etihad Rail signs Dhs1.99bn financing agreement for passenger services with First Abu Dhabi Bank

UAE’s Etihad Rail has signed a Dhs1.99bn financing agreement for passenger transport services with First Abu Dhabi Bank (FAB).

The passenger trains will connect 11 cities and locations in the country from Al Sila to Fujairah.

It will operate at speed of up to 200kph, and will have a capacity to carry 400 passengers per train. The number of passengers served by Etihad Rail is expected to reach over 36.5 million annually across the country by 2030.

“Etihad Rail is proof of the sense of vision and purpose that makes the UAE distinct. By connecting the UAE through a fully integrated rail network, Etihad Rail will bring significant economic and social benefits to the businesses and communities it serves, empowering future growth and providing opportunities for all,” said Hana Al Rostamani, group CEO at FAB.

In the presence of Theyab bin Mohamed bin Zayed and Mohamed bin Saif bin Mohamed, Etihad Rail has signed a AED1.99 billion agreement with First Abu Dhabi Bank to finance passenger railway services as aprt of the UAE National Railways Programme. pic.twitter.com/mpr9uGTRSy

— مكتب أبوظبي الإعلامي (@admediaoffice) February 24, 2022

Passengers will be able to commute between Abu Dhabi to Dubai in 50 minutesand between Abu Dhabi and Fujairah in 100 minutes, between Dubai and Fujairah in 50 minutes, and between Abu Dhabi and Al Ruwais in 70 minutes.

The project is one of the three strategic projects of the National Railways Programme which was launched in December 2021. The programme forms the largest land transport system in the UAE, which will additionally provide freight rail and integrated transportation services. The UAE Railways Programme falls under the ‘Projects of the 50’,  a series of developmental and economic projects that aim to accelerate the UAE’s development.

The investments of the UAE Railway Programme amount to Dhs50bn, 70 per cent of which targets the local market, according to news agency WAM. The programme contributes to providing more than 9,000 jobs in the railway sector and supporting sectors by 2030.

The programme is expected to contribute to reducing 70-80 per cent of carbon emissions over the next 50 years too.

There are three key projects as part of the programme. It includes freight transportaion, passenger services and finally an integrated transportation network.