ASIA: Abu Dhabi’s sovereign wealth fund Mubadala Investment Co is to support Oman-Etihad Rail Co with the development of plans for a mixed traffic railway connecting the UAE with Oman.
Working groups are to be formed to share expertise and undertake joint economic and financial feasibility studies for the US$3bn project.
OER was formed in September 2022 as a joint venture of national railway project promoters Oman Rail and Etihad Rail. It envisages that future 200 km/h passenger trains would offer a 1 h 40 min journey time on a 303 km route from Sohar to Abu Dhabi, while freight trains would run at up to 120 km/h.
The signing of the co-operation agreement with Mubadala ‘reflects the commitment of both parties to building strategic partnerships and strengthening co-operation with leading entities to promote investment, economic growth and comprehensive development in both countries’, said Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy & Infrastructure and Chairman of OER, on February 20.
