The UAE’s railway developer Etihad Rail is set to secure government funding and award contracts to build the second phase of its US$11 billion national rail network, its acting chief executive officer said on Tuesday.
“We’re ready to award it. It’s in finalising stages for funding from the government,” Faris Saif Al Mazrouei told reporters on the sidelines of an industry event in Dubai.
Gulf Arab oil exporters are spending hundreds of billions of dollars on projects ranging from power to transport as they look to diversify their heavily hydrocarbon-reliant economies and boost regional trade.
The second phase of the UAE railway project, which at 628 kilometres is the longest of the three planned stages, is expected to be funded by the UAE federal government, Mr Mazrouei said. He declined to give costs for the project.
The Phase 2 project will connect the Mussafah port and industrial area and ports in Abu Dhabi and Dubai with the Saudi and Omani borders.
Etihad Rail secured a $1.28bn five-year bank loan last year to build the first phase of the project. That phase, covering about 264km in the west of the country from Sha and Habshan near Abu Dhabi to Ruwais, is now complete and has begun operating trials, Mr Mazrouei said.
Phase 3 will link up the northern emirates to complete the UAE network, which will cover about 1,200km as well as being part of wider regional long-distance rail transport project by the Gulf Cooperation Council, which also includes Saudi Arabia, Kuwait, Qatar, Oman and Bahrain.
The Phase 1 loan was arranged by National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, HSBC Holdings and Bank of Tokyo Mitsubishi.
A consortium comprising Italy’s Saipem and Maire Tecnimont and UAE-based Dodsai Engineering and Construction was awarded the main civil and track works contract for Phase 1 and earlier this year Etihad Rail created a joint venture with Germany’s Deutsche Bahn, Etihad Rail DB, to operate the Phase 1 railway and act as consultant for the other stages.
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
Hales' batting career
Tests 11; Runs 573; 100s 0; 50s 5; Avg 27.38; Best 94
ODIs 58; Runs 1,957; 100s 5; 50s 11; Avg 36.24; Best 171
T20s 52; Runs 1,456; 100s 1; 50s 7; Avg 31.65; Best 116 not out
Champions League Last 16
Red Bull Salzburg (AUT) v Bayern Munich (GER)
Sporting Lisbon (POR) v Manchester City (ENG)
Benfica (POR) v Ajax (NED)
Chelsea (ENG) v Lille (FRA)
Atletico Madrid (ESP) v Manchester United (ENG)
Villarreal (ESP) v Juventus (ITA)
Inter Milan (ITA) v Liverpool (ENG)
Paris Saint-Germain v Real Madrid (ESP)
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
