ETIHAD Rail, the developer and operator of the UAE’s national railway network, has secured financing worth $1.28 billion (Dh4.7 billion) for Stage One of its railway project.

“The securing of this loan not only represents the beginning of a new era for the UAE in trade and travel through a transportation network that will connect all seven emirates with our GCC partners, but also reflects the international financial community’s confidence in Etihad Rail and the significant potential of the UAE’s national railway,” said Nasser Alsowaidi, chairman of Etihad Rail.

Stage One of the railway network will extend 264 km from Shah and Habshan to Ruwais, facilitating a modern, safe, efficient and environment-friendly means to transport Abu Dhabi National Oil Company’s (Adnoc) shipments of granulated sulphur for export at the port of Ruwais. Etihad Rail received its first shipment of wagons for Stage One in December last year, and will receive its first shipment of locomotives this quarter, while construction works on the route are well under way.

Nasser Saif Al Mansoori, CEO of Etihad Rail, said: “With the recent arrival of our wagons, considerable headway is being made on Stage One, and as we look forward to the arrival of our locomotives later this quarter, Etihad Rail is on schedule to seeing the first train run from Habshan to Ruwais by the end of this year.”

Upon completion, the UAE’s national railway network will span approximately 1,200 km across the emirates, and will connect key centres of industry and population.