Chaired by His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of the Crown Prince’s Court of Abu Dhabi and Chairman of Etihad Rail, the company’s Board of Directors held a virtual meeting on 09/29/2021 to review the latest progress on the construction of the packages the second stage of the UAE national rail network and other key achievements in the third quarter of 2021.
At the meeting, it was announced that the construction of the second stage package A, which extends over 139 km, and its connection via Al Ghuwaifat on the border with Saudi Arabia with the first stage, which extends 264 km from Habshan to Al Ruwais. This significant step brings the company closer to the scheduled completion of the UAE national rail network.
His Highness paid tribute to the company and its team for their dedication, efforts and dedication in making it possible to reach this important milestone in record time and two months ahead of schedule. HRH added that at a time when many sectors were slowing down due to the challenges posed by the COVID-19 pandemic, Etihad Rail continued to advance and complete the project in accordance with the clearly defined objectives and comprehensive work plan. Throughout this time, Etihad Rail has ensured the continuity of business operations while taking the necessary health and safety precautions for all employees.
At the board meeting, His Highness stated that Etihad Rail will continue its efforts to realize the vision of wise leadership to develop this important strategic project which is one of the largest infrastructure projects in the UAE. He stated that Etihad Rail will connect key areas in the seven emirates over a 1200km route to promote the UAE’s social and economic development as well as its global positioning in line with the UAE centenary in 2071.
In the course of 2021, Etihad Rail was able to reserve 40% of the network’s annual transport capacity, which will amount to 60 million tons of goods per year after the completion of the second phase. This has been achieved through the commercial agreements Etihad Rail has signed with, among others, Stevin Rock , one of the largest quarrying companies in the world, the Western Bainoona Group and Al Ghurair Iron & Steel (AGIS).
The company will continue to enter into additional commercial partnerships and strategic arrangements to enable various companies to benefit from the unparalleled services, economic and logistical advantages of the UAE’s national rail network.
During the meeting, the Board of Directors reviewed the company’s financial results for the third quarter of 2021 and approved the capital budget for 2021. It also approved the Audit Committee’s charter, which includes a number of policies and procedures related to corporate governance, such as transparency, integrity and institutional Work, contains. In addition, the agenda for the general assembly of Etihad Rail DB, the operating partner for Stage One, was reviewed.
Etihad Rail will continue to step up efforts to achieve further milestones in construction and operations in line with the vision of wise leadership and the UAE Golden Jubilee celebrations as the country looks to the future.