Etihad Rail, Oman Rail, and Mubadala Investment Company have officially entered into a shareholder agreement for the Omani-Emirati railway network, marking the initiation of construction activities for the $3 billion project.
During the recent visit of Oman’s Sultan Haitham bin Tarik to the UAE, the parties achieved this significant milestone, as stated in a release on Friday.
In addition to sealing the deal, the three parties have introduced a fresh corporate identity for their collaborative endeavor, now rebranded as Hafeel Rail, formerly Oman and Etihad Rail Company, in honor of Jebel Hafeet, spanning across Oman and the UAE.
Furthermore, they have signed an agreement to assign the civil works and construction tender for the joint network to an Omani-Emirati consortium led by Trojan Construction Group and Galfar Engineering and Contracting.
Siemens and HAC have secured a tender for the systems and integration of the railway network.
Upon its completion, Hafeet Rail promises to revolutionize travel between the UAE and Oman, boasting passenger trains capable of achieving speeds of up to 200 kilometers per hour.
The travel time between Sohar and Abu Dhabi will decrease to 100 minutes, while a journey between Sohar and Al Ain will only take 47 minutes. Each train has a capacity to accommodate up to 400 passengers.