Chaired by Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, chairman of the Abu Dhabi Crown Prince?s Court and chairman of Etihad Rail, the company?s board of directors held a virtual meeting to review the latest progress of the construction works for the packages of Stage Two of the UAE National Railway Network, as well as other major achievements made in the third quarter of 2021
During the meeting, it was announced that construction works for Package A of Stage Two, which extends over 139 km, and its connection through Al Ghuwaifat on the border of Saudi Arabia with Stage One, which extends for 264 km from Habshan to Al Ruwais were completed. This significant step brings the company closer to completing the UAE National Railway Network on schedule.
Al Nahyan expressed his appreciation to the company and its team for their dedication, efforts and commitment to be able to achieve this important milestone in record time, completing it two months ahead of schedule. Etihad Rail has continued to forge ahead and complete the project according to its clearly defined goals and comprehensive work plan.
At the board meeting, Al Nahyan declared that Etihad Rail will continue its efforts to realise the wise leadership?s vision of developing this vital strategic project, which is one of the largest infrastructure projects in the UAE. He commented that Etihad Rail will connect vital areas in the seven Emirates via a track extending over 1200 km to enhance the UAE?s social and economic development, as well as its global positioning in line with the UAE Centennial 2071.
Throughout 2021, Etihad Rail was successful in reserving 40% of the network?s annual transport capacity, which by the completion of Stage Two will amount to 60 million tonnes of goods per year. This was achieved through the commercial agreements Etihad Rail has signed including those with Stevin Rock, one of the biggest quarrying companies in the world, Western Bainoona Group, and Al Ghurair Iron & Steel (AGIS).
The company will continue to establish further commercial partnerships and strategic agreements so that various companies benefit from the unparalleled services, economic and logistical advantages of the UAE National Railway Network.
During the meeting, the board reviewed the company's financial performance for the third quarter of 2021, and approved the capital budget for 2021. The charter of the Audit Committee was also approved, which includes a number of policies and procedures related to governance, such as transparency, integrity, and institutional work. In addition, the agenda of the general assembly of Etihad Rail DB, the operating partner for Stage One was reviewed.
Etihad Rail will continue to strengthen its efforts to achieve further milestones in construction works and operations in line with the wise leadership?s vision, as well as the UAE?s Golden Jubilee celebrations as the country looks towards the future.
