Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Minister of the Presidential Court, set out the UAE's ambition to be a global leader in the transport sector after attending the opening day of a major rail conference in Abu Dhabi.
Sheikh Mansour on Monday joined hundreds of industry leaders at Middle East Rail 2023, which is being staged at Abu Dhabi National Exhibition Centre.
He hailed the Etihad Rail mega project — which will stretch about 1,200km across the country and eventually offer both freight and passenger services — as central to the UAE's transport goals.
Sheikh Mansour underlined the importance of railway networks in supporting the economy, promoting investment opportunities and strengthening commercial ties, state news agency Wam reported.
The Vice President was joined at the opening ceremony of the event by Jasem Al Budaiwi, Secretary General of the Gulf Co-operation Council, Suhail Al Mazrouei, Minister of Energy and Infrastructure, and a number of senior officials, transport ministers and leading figures from some of the world's biggest rail companies.
He watched a documentary charting the achievements of Etihad Rail.
Middle East Rail, which concludes on Tuesday, is expected to attract 10,000 visitors.
It will feature 400 speakers from across the region and beyond and host more than 100 presentations, panels and interviews, covering key topics such as sustainability, safety and data analysis.
This year's conference is being hosted by Etihad Rail and aims to showcase innovation and excellence delivered throughout the Middle East.
Etihad Rail announced in April that its vast freight train network was fully operational.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, officially opened the freight line in February.
It consists of a fleet of 38 locomotives and more than 1,000 wagons.
It is a central part of the UAE's national rail project, which will eventually connect the Emirates to the rest of the Gulf.
A look at the UAE's first marine rail bridge — in pictures
More from Neighbourhood Watch:
In numbers
- Number of children under five will fall from 681 million in 2017 to 401m in 2100
- Over-80s will rise from 141m in 2017 to 866m in 2100
- Nigeria will become the world’s second most populous country with 791m by 2100, behind India
- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100
- an average of 2.1 children per woman is required to sustain population growth
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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