The Etihad Rail’s Board of Directors held a virtual meeting to review the latest development 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 conference, it was reported that the construction on Package A of Stage Two, which spans over 139 kilometers and connects to Stage One, which extends 264 kilometers from Habshan to Al Ruwais, had been completed. This significant move takes the company closer to achieving its deadline for completing the UAE National Railway Network.
H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Abu Dhabi Crown Prince’s Court and Chairman of Etihad Rail, extended his gratitude to the company and its employees for their hard work, devotion, and commitment in achieving this significant milestone in record time, two months ahead of schedule.
Despite the fact that many industries were experiencing a delay as a result of the COVID-19 pandemic, Etihad Rail forged forward and completed the project according to its well-defined goals and comprehensive work plan, Sheikh Theyab added.
At the board meeting, Sheikh Theyab declared that Etihad Rail will continue its efforts to realize the wise leadership’s vision of developing this vital strategic project, which is one of the UAE’s greatest infrastructure projects. In line with the UAE Centennial 2071, Etihad Rail will connect major places in the seven Emirates via a 1200 km track, enhancing the UAE’s social and economic development as well as its global positioning.
Throughout 2021, Etihad Rail was successful in reserving 40 percent of the network’s annual transport capacity, which by the completion of Stage Two will amount to 60 million tons 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 Board of Directors evaluated the company’s financial performance in the third quarter of 2021 and approved the capital budget for 2021 during the meeting. The Audit Committee’s charter was also approved, which covers a number of governance norms and procedures, including transparency, integrity, and institutional work. In addition, the agenda of Etihad Rail DB’s General Assembly, the Stage One operating partner, was also reviewed.