The first passenger journey on Etihad Rail's route between Abu Dhabi and Al Dhannah took place on Thursday.
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc, was among the first passengers.
Once operational, the route, which was announced in November, will enable Adnoc workers to travel by train from Abu Dhabi to Al Dhannah, 250km west of the capital.
“The development of passenger rail services between Abu Dhabi City and Al Dhannah City aims to connect the UAE’s main centres of trade, industry, manufacturing, production, logistics and population,” said Dr Al Jaber.
“The Etihad Rail project is more than just a rail network, it will serve as a vital artery for economic growth and infrastructure development while driving decarbonisation, for the benefit of the UAE and its people.”
Etihad Rail's chief executive also commented on Thursday's journey and what it means to the UAE.
“Etihad Rail is strengthening the position that the UAE enjoys as a leading global hub within the logistics, transportation and infrastructure sectors, by providing more effective and reliable transportation solutions in line with the highest international standards and connecting cities and industries with a safe and sustainable rail network,” said Shadi Malak.
No date has been confirmed for when the UAE's passenger rail service will begin. But it was announced in 2022 that the first passenger station would be Sakamkam in Fujairah.
Etihad Rail announced in February last year that its vast freight network was fully operational.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, officially opened the freight line.
It consists of a fleet of 38 locomotives and more than 1,000 wagons.
All aboard the passenger service
The passenger trains will travel at up to 200kph and can carry about 400 people, linking 11 cities and areas across the UAE, according to details released by Etihad Rail in 2022.
Carriages will offer Wi-Fi, entertainment systems, charging points and food and drink options to cater for everyone from families to workers and tourists.
Customers were told to expect travel time of 50 minutes between Abu Dhabi and Dubai and about 100 minutes from Abu Dhabi to Fujairah, cutting commutes significantly.
Plans for a luxury train service were also unveiled last year, the result of an agreement between Italian luxury hospitality company Arsenale and Etihad Rail.
The “rail cruise” is expected to cross the UAE from Fujairah in the east down to the Liwa desert in Abu Dhabi. The train will consist of 15 luxury carriages.
Tour of facility
Following the milestone journey, Dr Al Jaber also toured Adnoc's hub in Al Ruwais Industrial City
“I am proud of our world-class facilities in Al Ruwais Industrial City and the commitment and dedication of our staff, who are passionate to showcase our unwavering commitment to excellence and innovation,” he said.
“Our facilities and expert workforce play a pivotal role in enhancing our nation’s status as a responsible and reliable global energy leader.”
The%20specs
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UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
The specs: Volvo XC40
Price: base / as tested: Dh185,000
Engine: 2.0-litre, turbocharged in-line four-cylinder
Gearbox: Eight-speed automatic
Power: 250hp @ 5,500rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 10.4L / 100km
Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Try out the test yourself
Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer
Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer
Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer
The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.
Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
THE%20FLASH
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