Etihad Rail welcomes first batch of National Rail Network fleet

Etihad Rail welcomes first batch of National Rail Network fleet
The locomotives and wagons reached the UAE via the Zayed and Al-Musaffah Ports. (WAM)
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Updated 19 August 2022

Etihad Rail welcomes first batch of National Rail Network fleet

Etihad Rail welcomes first batch of National Rail Network fleet
  • Company plans to expand its fleet to 45 heavy transport locomotives, six times the size of its current fleet

ABU DHABI: Etihad Rail has reached a new milestone in the development of the UAE’s National Rail Network, as the first batch of the company’s new and advanced rolling stock fleet arrive in the UAE. 

The locomotives and wagons reached the UAE via the Zayed and Al-Musaffah Ports and will operate across the entire network once it is completed. 

The achievement was announced during an event hosted by Etihad Rail at Al-Mirfa city in Abu Dhabi.

The event was attended by Etihad Rail CEO Shadi Malak, Progress Rail CEO Marty Haycraft and MENA Executive Director at CRRC Henry Pang, as well as a number of other senior officials.

“The arrival of the new fleet of locomotives and wagons to the UAE on schedule reflects the level of the achievements that the Etihad Rail project is realizing in the development of the UAE National Railway Network,” Mohammed Al Marzouqi, executive director of the rail relations sector at Etihad Rail, said.

The National Rail Network is part of Etihad Rail’s efforts to achieve the objectives of the UAE Railways Programme, the largest land transport system of its kind in the UAE. 

The program was launched as part of the Projects of the 50, the largest collection of national strategic projects aimed at establishing a new phase of development across the UAE for the next 50 years. 

It aims to establish a new roadmap for transporting goods and passengers by train across the country, thus developing a sustainable land transport system that connects UAE cities via railway.

The company plans to expand its fleet to 45 heavy transport locomotives, which is six times the size of its current fleet.

Progress Rail, a subsidiary of US-based Caterpillar and one of the world’s largest manufacturers of diesel and electric locomotives, will manufacture and supply the new EMD SD70 electro-motive diesel locomotives.

“Our diesel-electric EMD SD70 locomotives meet the highest global standards. Etihad Rail’s new fleet is a great example of what our customers have come to expect from our advanced locomotives, which are designed to perform in extreme conditions,” Haycraft said.

The company’s new fleet aims to house more than 1,000 multi-purpose wagons, which is three times the size of its current fleet. 

China’s CRRC Group, one of the world’s leading providers of sustainable development solutions of the railway industry, will manufacture and supply the new fleet of wagons.

“CRRC is excited to be a partner in stage two of the UAE National Rail Network, contributing to the growth of Etihad Rail, the UAE and the region by supporting the development of the rail industry,” CRRC UAE General Manager Ben Quak said.  

“We are pleased to witness the successful delivery of the multi-function wagons, which will contribute to reducing carbon emissions and provide safe, sustainable and efficient services,” Quak said.

“Upon completion and becoming fully operational, the network will contribute to revitalising and bolstering economic growth in the UAE, particularly during the next 50 years, by providing reliable and safe freight services with high efficiency,” Al-Marzouqi said.

The executive director said: “The network will also contribute to the region’s economic growth upon its connection with the Gulf Cooperation Council network, which will consolidate the UAE’s position as a regional and global center for shipping and logistics services. This achievement comes as part of the company’s preparations to operate the network according to the highest global standards in the future.

“We made sure that the company’s new fleet is among the most modern in the region and the world, providing the highest safety criteria in terms of design, ensuring the best specifications for sustainability and environmental protection, and integrating the latest technologies for train operation and monitoring. 

“We also ensured that the fleet suits the local geography and climate in the UAE and the region and meets the current and future needs of Etihad Rail’s clients, including industrial companies, shipping companies, building materials suppliers, quarriers and more.”

Etihad Rail’s new fleet was designed to withstand the GCC region’s geographic, climate and high temperatures and humidity levels, guaranteeing the highest levels of performance, efficiency and sustainability. 

The fleet is expected to improve the UAE’s transport and logistical services system, strengthening the country’s position in the logistics sector on a regional and international scale. It will increase the UAE National Rail Network’s capacity to more than 60 million tons of goods a year. 

Etihad Rail’s new fleet will also help to reduce carbon dioxide emissions by 70 to 80 percent.

 


Abu Dhabi Chamber of Commerce forms new board for businesswomen council

Abu Dhabi Chamber of Commerce forms new board for businesswomen council
Updated 02 October 2022

Abu Dhabi Chamber of Commerce forms new board for businesswomen council

Abu Dhabi Chamber of Commerce forms new board for businesswomen council
  • Council enables female entrepreneurs to capitalize on business opportunities

ABU DHABI: The Board of Directors of the Abu Dhabi Chamber of Commerce and Industry has formed a new board for the Abu Dhabi Businesswomen Council, Emirates News Agency reported.

The new board’s mission is to help female entrepreneurs improve their skills, introduce them to relevant laws and policies, and teach them how to take advantage of local and federal government initiatives.

It is part of the chamber’s efforts to help businesswomen and female entrepreneurs in Abu Dhabi contribute to the emirate’s economic growth.

The ADBWC board, chaired by Asma Al-Fahim, is made up of Abu Dhabi Chamber board members as well as successful Abu Dhabi businesswomen such as Nour Al-Tamimi, Dr. Khadija Al-Ameri, Marwa Al-Mansoori and Shaikha Al-Nowais.

“Over the past 50 years, the UAE has placed women’s empowerment amongst its top priorities and supported the Emirati woman to be a key partner in building the UAE,” Al-Fahim said.

She added: “The support of H.H. Sheikha Fatima bint Mubarak, chairwoman of the General Women’s Union, president of the Supreme Council for Motherhood and Childhood, supreme chairwoman of the Family Development Foundation and honorary chairwoman of the ADBWC, played a huge role in women’s development in all fields, especially entrepreneurship. Thanks to H.H. Sheikha Fatima, the Emirati woman is now equipped with all the factors of success to occupy her proper place regionally and internationally.”

Al-Fahim added that the ADBWC is eager to increase communication with businesswomen in Abu Dhabi in order to keep them up to date on the latest economic changes.

Furthermore, Al-Fahim said that the council will launch new initiatives and programs to support the business environment, giving female entrepreneurs the necessary tools to capitalize on business opportunities locally, regionally and internationally.


Saudi Mouwasat completes $27m acquisition of 51% of Jeddah Doctors Co.

Saudi Mouwasat completes $27m acquisition of 51% of Jeddah Doctors Co.
Updated 02 October 2022

Saudi Mouwasat completes $27m acquisition of 51% of Jeddah Doctors Co.

Saudi Mouwasat completes $27m acquisition of 51% of Jeddah Doctors Co.

RIYADH: Saudi healthcare provider Mouwasat Medical Services Co. said that it has completed the acquisition of 51 percent of Jeddah Doctors Co. in a deal worth SR102 million ($27 million).

The financial impact of this acquisition is expected to appear in the third quarter of 2022, according to a bourse filing.

Jeddah Doctors Co. is a Saudi closed joint stock company that owns a hospital presently under construction in Jeddah called Jeddah Doctors Hospital.


TASI in green as recession concerns ease: Closing bell

TASI in green as recession concerns ease: Closing bell
Updated 02 October 2022

TASI in green as recession concerns ease: Closing bell

TASI in green as recession concerns ease: Closing bell

RIYADH: The Saudi main index ticked up in its first trading session of October as investor recession fears subsided.

The Tadawul All Share Index ended  0.72 percent higher to reach 11,487; the parallel market Nomu edged 0.34 percent higher to 19,939.

Saudi oil giant Aramco ended with a 0.28 percent decline, while Rabigh Refining and Petrochemical Co. edged up 1.31 percent.

The Saudi National Bank, the Kingdom’s largest lender, fell 0.63 percent, while Saudi British Bank increased by 2.43 percent.

The Kingdom’s most valued bank Al Rajhi gained 1.48 percent, while Alinma Bank gained 1.93 percent.

Saudi Paper Manufacturing Co. decreased by 0.19 percent, after it signed SR166 million ($44 million) agreement with Italy-based Toscotec for a raw tissue paper roll production line.

Retal Urban Development Co. dropped 0.28 percent, after its shareholders approved a cash dividend of SR2 per share for the first half of 2022.

Tihama Advertising and Public Relations Co. declined 1.61 percent to lead the fallers, after the company and UK-based WPP postponed their merger agreement until Oct. 31, 2022.

Middle East Healthcare Co. led the pack of gainers with an increase of 9.93 percent.


PIF’s green bond issuance to bolster market, says London bourse official

PIF’s green bond issuance to bolster market, says London bourse official
Updated 02 October 2022

PIF’s green bond issuance to bolster market, says London bourse official

PIF’s green bond issuance to bolster market, says London bourse official

RIYADH: Saudi Arabia’s Public Investment Fund green bonds will help bolster the regional and global green bond market, which last year amounted to $900 billion, the head of Debt Capital Markets and Funds at the London Stock Exchange told Al-Arabiya.

The fund currently manages assets of over $600 billion. The PIF targets those sectors for investment that are in line with the framework of green bonds and the fund offers complete transparency to investors, Shrey Kohli added.

As of now, the framework and prospectus of the PIF are available on the London Stock Exchange platform, which allows investors to gain an understanding of the fund’s strategy.

Kohli said the London Stock Exchange supported the PIF during its tour to promote the green bonds and fund witnessed an overwhelming investors’ response from around the world.

The fund has hired a large group of banks including Citi and JPMorgan to arrange a debut issuance of multi-tranche US dollar-denominated green bonds.

BNP Paribas, Citi, Deutsche Bank, Goldman Sachs and JPMorgan, mandated as joint global coordinators and active book runners.

A debut issuance in tranches of five, 10 and potentially a longer-dated tenor will follow, subject to market conditions. The issuance will be under GACI First Investment Co. and guaranteed by the PIF.

Credit Agricole, First Abu Dhabi Bank, HSBC, Mizuho, SMBC Nikko, SNB Capital, Societe Generale and Standard Chartered are also active book runners, while ANB Capital, BofA Securities, Bank of China, GIB Capital, ICBC, IMI Intesa Sanpaolo, Morgan Stanley, MUFG, Natixis, Riyad Capital and Saudi Fransi Capital are also on the deal.


SAGO buys 5k tons of wheat for $2.3m from local farmers

SAGO buys 5k tons of wheat for $2.3m from local farmers
Updated 02 October 2022

SAGO buys 5k tons of wheat for $2.3m from local farmers

SAGO buys 5k tons of wheat for $2.3m from local farmers

RIYADH: The Saudi Grains Organization has bought the 16th batch of wheat worth SR8.84 million ($2.35 million) from 18 local farmers.

It is part of the organization’s arrangements to ensure adequate wheat supply by procuring grain from abroad and through local farmers. 

The current batch of local wheat weighed 5 tons, according to a SAGO statement.

Since the beginning of the current season, it added, wheat worth SR823.53 million has been bought from local farmers.