Etihad Rail signed a Dh1.99 billion ($541.8 million) deal with First Abu Dhabi Bank on Thursday to finance passenger railway transport services.
The agreement is part of the UAE National Railways programme, the largest land transport system in the country.
FAB will be the certified lead arranger for the loan, as part of the agreement, said Abu Dhabi Media Office.
“Through this agreement with First Abu Dhabi Bank, we at Etihad Rail look forward to enhancing co-operation, uniting efforts and working together towards realising the vision of the UAE in accordance with the goals of the UAE National Railways programme, which was launched under the Projects of the 50 to establish the basis for a new stage of sustainable economic growth for the country,” said Sheikh Theyab bin Mohamed, chairman of the Abu Dhabi Crown Prince’s Court and chairman of Etihad Rail.
Etihad Rail said in December that it will expand its operations from heavy goods services to include passenger train services as well by 2030.
The project will add an estimated Dh200bn to the economy and will allow “passengers to travel from Abu Dhabi to Dubai in 50 minutes, and from Abu Dhabi to Fujairah in 100 minutes”, said Etihad Rail.
Connecting 11 cities and regions across the UAE, from Al Sila in the west to Fujairah in the north, the project is expected to carry more than 36.5 million passengers a year by 2030.
The passenger trains will travel at speeds up to 200 kilometres per hour and can carry up to 400 people.
Last month, The National was given exclusive access to the first images of what the UAE’s new passenger trains will look like.
Artist's impressions show silver and grey carriages emblazoned with the red Etihad Rail logo set against the backdrop of the UAE’s cities, mountains and deserts.
The UAE has yet to announce when the trains will begin operations.
Etihad Rail's passenger service extension is one of the three strategic projects of the National Railways programme, which was launched by the UAE government in December 2021.
“Through this agreement, we will move full steam ahead with our mission to provide passenger railway services, which will bolster the public transport system in the UAE and the wider region,” said Shadi Malak, chief executive of Etihad Rail.
“Etihad Rail is an essential component of the Gulf Co-operation Council rail network, and this agreement brings us one step closer towards realising our strategic goals of strengthening the UAE’s reputation as a regional and global transport hub.”
Etihad Rail is currently completing stage two of the UAE National Rail Network, with the first stage operational since 2016.
The project is “progressing at an accelerated pace”, with 70 per cent completed in less than 24 months, despite the challenges of the pandemic, the Abu Dhabi Media Office said.
“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 FAB group chief executive Hana Al Rostamani.
UAE%20SQUAD
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The five pillars of Islam
UAE currency: the story behind the money in your pockets
Sleep Well Beast
The National
4AD
Killing of Qassem Suleimani
The specs
Engine: 5.2-litre twin-turbo V12
Transmission: eight-speed automatic
Power: 715bhp
Torque: 900Nm
Price: Dh1,289,376
On sale: now
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
TOURNAMENT INFO
Opening fixtures:
Friday, Oct 5
8pm: Kabul Zwanan v Paktia Panthers
Saturday, Oct 6
4pm: Nangarhar Leopards v Kandahar Knights
8pm: Kabul Zwanan v Balkh Legends
Tickets
Tickets can be bought online at https://www.q-tickets.com/apl/eventlist and at the ticket office at the stadium.
TV info
The tournament will be broadcast live in the UAE on OSN Sports.
Killing of Qassem Suleimani
The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
