Etihad Rail and First Abu Dhabi Bank (FAB) have signed an agreement under which FAB will provide AED 1.990 billion to finance railway passenger transport services.
The agreement comes as part of the UAE National Railways Programme, the largest land transport system of its kind in the UAE. The FAB will be the Certified Lead Arranger for the loan, as part of the agreement.
With the launch of the railway passenger services, the passenger trains will strengthen connectivity between the UAE by connecting 11 cities and locations in the country from Al Sila to Fujairah.
Travelling at a speed of 200 kmph, with a capacity of 400 passengers per train, the number of passengers is expected to increase to reach more than 36.5 million passengers annually across the country by 2030.
Passengers will be able to commute between Abu Dhabi to Dubai in only 50 minutes, between Abu Dhabi and Fujairah in only 100 minutes, between Dubai and Fujairah in only 50 minutes, and between Abu Dhabi and Al Ruwais in only 70 minutes.
Etihad Rail is nearing the completion of the Stage Two of the UAE National Rail Network. Stage One of the Network has been operational since 2016. The project is progressing at an accelerated pace with 70 percent of the project being completed in less than 24 months, despite the challenges of the pandemic. Etihad Rail has cooperated with 180 entities and issued more than 40 thousand official papers.
The project involves more than 27,000 experts, specialists, and workers operating at more than 3,000 construction sites across the UAE, putting in 76 million work hours so far using more than 6,000 vehicles and pieces of equipment.