Skip to content Skip to Search
Skip navigation

Abu Dhabi sets up new company to develop transport systems

Abu Dhabi Transport Company will support an integrated transport ecosystem

Abu Dhabi will set up a new company to develop and operate transport systems in its rural and urban areas.

Abu Dhabi Transport Company will develop rail systems and all other related services and operations. It will provide integrated transport services, including the rental of vehicles and buses, the UAE’s state-run WAM news agency reported.

The new company, an affiliate of the Supreme Council for Financial and Economic Affairs, will support the emirate’s integrated transport ecosystem by developing sustainable transport systems.

The council was established in 2020 to oversee the emirate’s economic direction, including investment, petroleum and natural resources.

Last week the council named Sheikh Tahnoun bin Zayed Al Nahyan chairman of Abu Dhabi Investment Authority, as part of a shake-up of the UAE capital’s sovereign wealth funds.

The country’s national security advisor, Sheikh Tahnoun, is the brother of UAE president Sheikh Mohammed bin Zayed Al Nahyan, who took office last May.

Recently, Abu Dhabi’s ADQ and International Holding Company announced plans to create the region’s largest multi-asset class investment manager. 

The new investment manager will manage a portfolio of assets from ADQ’s alternative investments platform, Abu Dhabi Growth Fund and International Holding Company.

Latest articles

Qatar commits $11bn for French startups and funds

Qatar will invest €10 billion ($10.9 billion) in French startups and investment funds as part of a new strategic partnership. The announcement was made in a French-Qatari joint communique released during Qatar Emir Sheikh Tamim Bin Hamad Al Thani’s state visit to Paris. The investments will focus on energy transition, semiconductors, aerospace, artificial intelligence, health, […]

Aramco's 40 agreements cover the supply of a range of products comprising strategic commodities

Aramco invests $6bn to bolster local supply chain

Saudi Aramco, the world’s largest oil producer, has signed 40 corporate procurement agreements worth $6 billion to boost its localisation programme. The agreements cover supply of a range of products comprising strategic commodities, such as instrumentation and electrical and drilling equipment. The move will strengthen Aramco’s domestic supply chain ecosystem, providing suppliers with long-term demand […]

Sabic said better conditions in its agriculture and automotive businesses are supporting its margins

Sabic reports loss of $747m as product prices tumble

Petrochemicals major Saudi Basic Industries Corporation (Sabic) reported a net loss of SAR2.8 billion ($747 million) in 2023, as average product sales fell by a fifth. The losses were also driven by the discontinuation of operations at Hadeed, its steel manufacturing subsidiary, which resulted in a loss of around SAR4 billion. In September 2023, Sabic […]

Masdar starts work on two UK battery storage projects

Masdar Arlington Energy, a subsidiary of UAE’s Masdar, has started construction on two battery energy storage system (BESS) projects in the UK. The Royle Barn Road plant in Rochdale and Welkin Road plant in Stockport will have a combined capacity of 55 MW and provide enough energy to power 25,700 homes.  Masdar acquired UK-based Arlington Energy in […]