OMAN RAIL AND ETIHAD RAIL JOINT VENTURE BOARD OF DIRECTORS HOLDS INAUGURAL MEETING
Inaugural meeting held two days after the signing ceremony of the JV agreement
Al Maawali: “Joint railway network will offer logistics support and advantages that will contribute to the growth of trade and economic activities”
Suhail Al Mazrouei: “The development of the joint railway network will advance land transport system between the two countries.”
The Board commends the two countries' leaderships for their unwavering backing and strategic vision in expanding opportunities for cooperation and joint action.
Muscat - 2 October 2022 - The Board of Directors of Oman Rail-Etihad Rail JV Company, a joint ven-ture between Oman Rail, the developer and operator of the Oman national Rail Network, and Eti-had Rail, the developer and operator of the UAE National Rail Network, held their inaugural meet-ing, two days after signing an agreement to form the company. The signing ceremony was held on the sidelines of the visit to Oman by UAE President, His Highness Sheikh Mohammed bin Zayed Al Nahyan.
The Board of Directors includes His Excellency Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy and Infrastructure; His Excellency Eng. Said bin Hamoud Al Maawali, Minister of Transport, Communications, and Information Technology in the Sultanate of Oman; Sheikh Nasser Sulaiman Al Harthy, Acting Vice President of Operations Affairs at Oman Investment Authority and Chairman of the Board of Directors of Asyad Group; His Excellency Saeed Al Zaabi, Chairman of the Board of Directors of Etihad Rail Mobility; Eng. Abdulrahman Salim Al Hatmi, Group CEO of Asyad Group and Eng. Shadi Malak, CEO of Etihad Rail.
The Board members commended the wise leadership of the two countries for their unwavering support and strategic vision towards enhancing cooperation and joint action between the two countries across various fields. They also praised the leadership’s guidance and direction in the es-tablishment of the joint venture to build and operate a railway network connecting Sohar Port with the UAE National Rail Network. They described the joint venture as an extension of the longstanding collaboration of the Sultanate of Oman and the UAE, who both seek to create new prospects in the infrastructure, transport, and logistics industries by connecting the two countries via rail in a manner that promotes trade and social cohesion.
During the meeting, the Board appointed Eng. Ahmed Al Hashemi as CEO of the company, and Eng. Mohammed bin Zahran Al Mahruqi as Deputy CEO. The Board directors also discussed the imple-mentation plans, including technical studies and architectural design, as well as environmental studies for routes, the business model and the commercial affairs of the joint venture.
Emphasis was placed on the importance of fast tracking the execution of of the project. The Board also committed to adopting the highest global standards for security, safety, and sustainability throughout the development of the network, which will extend for 303 kilometers, to provide safe and fast passenger transport and freight services.
His Excellency Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy and Infrastruc-ture, said establishing the joint venture was in line with both leaderships’ directives for achieving sustainable development by elevating the transport and infrastructure sectors to higher levels, whilst supporting economic and commercial growth.
“The joint railway network will advance the land transport system between the two countries in line with the best-in-class criteria and standards, providing safe, reliable, and sustainable transpor-tation, which in turn, will further facilitate connectivity between industrial and commercial cen-ters, and cement the longstanding social cohesion between the two countries,” he added.
In the same vein, His Excellency Eng. Said bin Hamoud bin Saeed Al Maawali, Minister of Transport, Communications and Information Technology in the Sultanate of Oman, said the strategic initiative to develop a railway network between the Sultanate of Oman and the UAE would cement the strong brotherly ties between the two countries and would also reflect their joint efforts to achieve social and economic integration.
“Through this partnership and the logistics progress it will bring about, various economic and trade activities will reap several benefits, creating new opportunities and providing high-quality transport solutions that will contribute to establishing a connection between Sohar and the Omani free zone, with vital economic and industrial zones in the UAE,” he explained.
The USD 3 billion investment will contribute to the growth of the two countries’ national econo-mies and improve the efficiency of supply chains whilst facilitating cross-border trade by linking commercial ports to the railway network.