The UAE-Oman Hafeet Rail mission, aimed toward linking the UAE Nationwide Railway Community with Oman’s Sohar Port, has reached monetary closure.
The US$2.5 billion mission secured US$1.5 billion in mission finance debt from UAE, Omani, regional, and worldwide banks, utilizing each standard and Islamic financing choices in UAE dirhams and Omani rials.
The announcement was made through the inaugural World Rail Transport Infrastructure Exhibition & Convention (World Rail 2024), held in Abu Dhabi. Hafeet Rail, a three way partnership between Etihad Rail, Mubadala, and Asyad Group, is overseeing the 238-kilometre railway community, which is able to embody 60 bridges and tunnels spanning 2.5 kilometres.
The consortium of UAE banks concerned within the deal contains Abu Dhabi Industrial Financial institution, Industrial Financial institution of Dubai, First Abu Dhabi Financial institution, Abu Dhabi Islamic Financial institution, and Ajman Financial institution. Omani banks embody Ahli Financial institution, Financial institution Dhofar, Financial institution Muscat, Nationwide Financial institution of Oman, Oman Arab Financial institution, and extra.
Worldwide and regional banks collaborating embody Jordan’s Arab Financial institution, Kuwait’s Nationwide Financial institution of Kuwait, and the UK’s Normal Chartered Financial institution. Normal Chartered acted as Lead Monetary Advisor, whereas First Abu Dhabi Financial institution was the Co-Monetary Advisor.
The railway is predicted to attach 5 main ports and industrial zones throughout the UAE and Oman, supporting sectors like mining, agriculture, and petrochemicals. Every freight practice will carry over 15,000 tonnes of cargo, equal to 270 containers.
The entire mission price was lowered from US$3 billion to US$2.5 billion, with civil works awarded to an Omani-Emirati consortium led by Trojan Development Group.
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