• Etihad Rail's inspection train travels from Saih Shuaib to Al Maha Forest in Abu Dhabi, as officials monitor progress in the second stage of the national railway project. All photos: Victor Besa / The National
    Etihad Rail's inspection train travels from Saih Shuaib to Al Maha Forest in Abu Dhabi, as officials monitor progress in the second stage of the national railway project. All photos: Victor Besa / The National
  • The inspection train is designated for the supervision and inspection of construction works.
    The inspection train is designated for the supervision and inspection of construction works.
  • Railroad track workers along the Saih Shuaib line.
    Railroad track workers along the Saih Shuaib line.
  • From Saih Shuaib, tracks are being laid north toward Dubai and south toward Abu Dhabi, creating a rail link for the first time between the two emirates.
    From Saih Shuaib, tracks are being laid north toward Dubai and south toward Abu Dhabi, creating a rail link for the first time between the two emirates.
  • Stage one of Etihad Rail, a 264-kilometre line, has been fully operational since January 2016.
    Stage one of Etihad Rail, a 264-kilometre line, has been fully operational since January 2016.
  • Two trains transport up to 22,000 tonnes of granulated sulphur each day from gas fields in Shah and Habshan to an export point in Ruwais.
    Two trains transport up to 22,000 tonnes of granulated sulphur each day from gas fields in Shah and Habshan to an export point in Ruwais.
  • The second stage of the network will extend from Ghuwaifat on the border with Saudi Arabia and connect the emirates of Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah and Fujairah on the east coast.
    The second stage of the network will extend from Ghuwaifat on the border with Saudi Arabia and connect the emirates of Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah and Fujairah on the east coast.
  • The fleet will expand from seven to 45 locomotives, transporting 60 million tonnes of cargo a year.
    The fleet will expand from seven to 45 locomotives, transporting 60 million tonnes of cargo a year.
  • In March, Etihad Rail announced it had completed 34 per cent of the network.
    In March, Etihad Rail announced it had completed 34 per cent of the network.
  • After the completion of stage two and other future expansion works, the rail network will stretch about 1,200km across the country.
    After the completion of stage two and other future expansion works, the rail network will stretch about 1,200km across the country.
  • The rail service will carry both passengers and freight.
    The rail service will carry both passengers and freight.
  • Omar Al Sebeyi, acting executive director of the commercial sector at Etihad Rail said everyone was working hard to achieve their deadlines.
    Omar Al Sebeyi, acting executive director of the commercial sector at Etihad Rail said everyone was working hard to achieve their deadlines.
  • Railroad cars about to be loaded with metal rails, rocks and other track-building materials for transporting down the line.
    Railroad cars about to be loaded with metal rails, rocks and other track-building materials for transporting down the line.
  • A locomotive at the railroad yard.
    A locomotive at the railroad yard.
  • Omar Al Sebeyi, acting executive director of the commercial sector at Etihad Rail points out changes to the track.
    Omar Al Sebeyi, acting executive director of the commercial sector at Etihad Rail points out changes to the track.

Etihad Rail project on track as key construction work finishes ahead of schedule


Chris Maxwell
  • English
  • Arabic

The UAE's Etihad Rail project is moving full steam ahead after key construction work for the second stage of the nationwide scheme was completed two months ahead of schedule.

The train network aims to connect the country's hubs of trade and industry and is intended to greatly improve transport for the public.

When complete, it will stretch about 1,200 kilometres.

During an online meeting of Etihad Rail's board of directors, led by chairman Sheikh Theyab, it was announced that the development was on track.

It was revealed that construction work for package A of stage two, which extends 139 kilometres, and its connection through Al Ghuwaifat on the border of Saudi Arabia with Stage One, which extends 264 kilometres from Habshan to Al Ruwais, was completed.

Officials said the achievement was a significant step towards completing the network on time.

Sheikh Theyab hailed the Etihad Rail team for their achievement, particularly when faced with the challenge of the coronavirus pandemic.

He said Etihad Rail had pressed ahead with the project while sticking to safety measures.

What is Etihad rail - and where does it go?

Etihad Rail was established in 2009, and stage one of the project became operational in 2016.

Each day, two trains capable of transporting up to 22,000 tonnes of sulphur, run across the country. Each can haul up to 110 wagons on any one journey.

When complete, the railway network will link the main centres of population and industry in the UAE and will form a vital part of the railway network across the Gulf region, connecting the seven emirates of the UAE to the five neighbouring GCC states.

Since 2016, two tracks – spanning 264 kilometres – have been in operation transporting granulated sulphur from gasfields in Shah and Habshan to an export point in Ruwais.

In stage two of the project, more than 600 kilometres of additional track will be laid down from Ghuweifat, on the border with Saudi Arabia, to Fujairah on the east coast.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Fixtures

Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am

Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am

Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am

Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight

Charlotte Gainsbourg

Rest

(Because Music)

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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Company%20profile
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Stree

Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5

 

 

Updated: September 29, 2021, 12:22 PM