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Alpha Dhabi H1 profit $1.79bn

Adjusted EBITDA rises to $2.36bn.

Borouge Q2 net profit $193m

The H1 revenue stood at $2.72 billion.

ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

$3 billion joint-venture railway to link Oman and UAE

Employees working in the main wagon of a train of the Etihad Rail network, in al-Mirfa, in the UAE. (AFP)
  • The railway will link Abu Dhabi with Oman's deep-sea Sohar port, which bills itself as a nexus of trade between Asia and Europe.
  • A multi-billion dollar railway linking the six Gulf Cooperation Council countries has languished since a feasibility study was approved in 2004.

Muscat, Oman —A new $3 billion railway is to link Oman’s Sohar port with Abu Dhabi, capital of the United Arab Emirates, officials said on Wednesday.

The 303-kilometre (188 miles) railway, with passenger trains travelling up to 200 kilometres per hour, will join up with the UAE’s national network that is now under construction.

The joint venture between Oman Rail and the UAE’s Etihad Rail was agreed during a visit by UAE President Sheikh Mohamed bin Zayed to the Omani capital Muscat.

“The railway… promises huge strategic economic and social gains,” Abdulrahman Salim Al Hatmi, Group CEO of Oman Rail’s parent company Asyad, said in a statement issued by the Abu Dhabi government.

Sohar, a deep-sea port on the Gulf of Oman and itself a joint venture with the port of Rotterdam, bills itself as a nexus of trade between Asia and Europe.

No finish date was given for the project. A multi-billion dollar railway linking the six Gulf Cooperation Council countries has languished since a feasibility study was approved in 2004.

When completed, Etihad Rail, the UAE network, will operate 1,200 kilometres of track connecting all seven emirates and the border of neighbouring Saudi Arabia, as well as Oman.

Construction is 70 percent finished, according to its website, although the first stage — a remote line transporting sulphur through the Abu Dhabi desert — began full operations in 2016.