Etihad Rail, FAB sign financing agreement for $500mn transport services – Construction Week Online

Etihad Rail, FAB sign financing agreement for $500mn transport services – Construction Week Online

Chairman of the Abu Dhabi Crown Prince’s Court and chairman of Etihad Rail HH Sheikh Theyab bin Mohamed bin Zayed Al Nahyan and Sheikh Mohamed bin Saif bin Mohamed Al Nahyan, vice chairman of FAB’s board of directors, marked the signing of an agreement between Etihad Rail and First Abu Dhabi Bank (FAB) for financing railway passenger transport services, with a total value of $500mn (AED1.99bn).

The agreement comes as part of the UAE National Railways Programme, the largest land transport system of its kind in the UAE, where First Abu Dhabi Bank will be the Certified Lead Arranger for the loan, as part of the agreement, a report by UAE’s state-run news agency Wam stated.

On this occasion, HH Sheikh Theyab said, “Through this agreement with First Abu Dhabi Bank, we at Etihad Rail look forward to enhancing cooperation, uniting efforts, and working together towards realising the vision of the UAE in accordance with the goals of the UAE National Railways Programme, which was launched under the Projects of the 50 to establish the basis for a new stage of sustainable economic growth for the country.”