Abu Dhabi, UAE – Oman-Etihad Rail Company, a joint venture between Oman Rail and Etihad Rail and the developer and operator of UAE-Oman Rail Network, signed a cooperation agreement with Mubadala Investment Company to support the development of the 303km railway network on Tuesday.

Mubadala is a sovereign investor in Abu Dhabi, which will support the development of the rail network with an overall investment value of US$3bn.

The partnership comes in line with the two parties’ efforts to explore investment opportunities in the railway sector and strengthen cooperation to support the Oman-Etihad Rail Company in accelerating the planning and execution process of the UAE-Oman Rail Network.

The agreement includes formation of working groups and joint committees to benefit from the shared expertise and knowledge, joint efforts in developing economic and financial feasibility studies, in addition to joint investments in the development of the UAE-Oman railway network and cooperation to enhance the project’s added value.

The agreement was signed by Ahmed al Musawa al Hashemi, CEO of Oman-Etihad Rail Company, and Dr Bakheet Saeed al Katheeri, Executive Director of UAE Industries Unit, at Mubadala’s UAE Investments platform.

On the occasion, Suhail bin Mohammed al Mazrouei, Minister of Energy and Infrastructure and Chairman of Oman-Etihad Rail Company, said, “The establishment of UAE-Oman Rail Network is an extension of the strategic relations and strong historical ties between UAE and Oman, and the foundation of the strong partnership between Etihad Rail and Oman Rail.”