Picture credit score: Etihad Rail
Hafeet Rail, the $2.5bn community undertaking connecting the UAE and Oman, has secured a $1.5bn financing facility from a consortium of native, regional, and international lenders.
The funds might be drawn in each standard and Islamic tranches in UAE dirhams and Omani rials.
The UAE financial institution consortium included Abu Dhabi Business Financial institution, Business Financial institution of Dubai, First Abu Dhabi Financial institution, Abu Dhabi Islamic Financial institution and Ajman Financial institution.
Banks from Oman have been Ahli Financial institution, Financial institution Dhofar, Financial institution Muscat, Nationwide Financial institution of Oman, Oman Arab Financial institution, Ahli Islamic Financial institution, Financial institution Muscat’s Meethaq Islamic Banking unit, Financial institution Nizwa and Alizz Islamic Financial institution.
Regional and international banks included Jordan’s Arab Financial institution, the Nationwide Financial institution of Kuwait and the UK’s Normal Chartered Financial institution.
Hafeet Rail, a collaborative enterprise between Etihad Rail, Mubadala Funding Firm, and Oman’s Asyad Group, is about to revolutionise journey between Abu Dhabi and Sohar. Freight trains will traverse the route at a outstanding velocity of 120 km/hour, lowering journey time to only 100 minutes.
The community will accommodate passenger trains, every able to carrying as much as 400 passengers at a velocity of 200 km/hour. A single freight prepare journey on the community is anticipated to move greater than 15,000 tonnes of cargo or roughly 270 commonplace containers.
Industries resembling mining, iron and metal, agriculture and meals, retail, e-commerce, and petrochemicals are poised to reap the advantages of this expanded capability.
The Omani Emirati railway community undertaking is the primary hyperlink in a unified transport and logistics chain that may span the area, delivering mutually helpful socioeconomic and aggressive benefits.
The 238 km-long railway community – which is able to embrace 60 bridges, some towering as much as 34 metres in top, and tunnels stretching 2.5 km in size – will hyperlink 5 main ports and numerous industrial and free zones throughout the 2 nations.
The mega undertaking’s model identification, Hafeet Rail, was derived from the scenic route of the railway line from Abu Dhabi’s Al Wathba space to the Omani metropolis and port of Sohar.
Learn: UAE-Oman railway Hafeet Rail enters implementation part
