Transport Oman-Etihad Rail signs pact to transport steel exports By Pramod Kumar August 3, 2023, 5:20 AM Oman and Etihad Rail Company The pact will see raw materials and finished steel products transported on the $3 billion rail route Oman and Etihad Rail Company has agreed a deal to transport steel on its rail network between the sultanate and the UAE. The developer and operator of the $3 billion railway line, has agreed to carry steel products from Oman-based Jindal Shadeed Iron & Steel’s (Jindal) steel complex to the UAE. The steel producer will transport up to four million tonnes of raw materials and finished products annually from its complex at Sohar Port through the rail route. UAE-Oman rail link to bring cross-border economic boost Oman and UAE explore transport of minerals by rail GCC on track to be linked by rail in next 10 years Under the terms of the agreement, Oman and Etihad Rail will support Jindal by facilitating loading and unloading processes while guaranteeing rolling stock and facilities’ requirements of iron ore and steel. Harsha Shetty, CEO of Jindal, said the company’s ability to transport nearly four million tonnes of raw material will significantly help its operations and reduce its carbon footprint. Using the Oman-UAE rail network, the collaboration aims to reduce CO2 emissions in both Oman and the UAE, in line with their national goals of achieving net-zero carbon emissions by 2050. Oman and Etihad Rail Company in May signed an agreement with Brazilian mining firm Vale to explore transporting iron ore and its derivatives by rail from its industrial complex in Sohar Port and Freezone. Oman is expected to be the first country to link up with the UAE through a Sohar Port to Al Wathra Link, Ed James, head of content and analysis at Meed, said at a webinar on the Mena Rail and Metro Projects Market in June. The GCC governments are preparing to hand out $167 billion worth of contracts to link the six member countries by railway. “We should expect to see some significant contracts awarded on the railway to link all the GCC states over the next 24 to 26 months,” he added.
Renewable Energy Masdar views Middle East as biggest growth market UAE’s renewable energy company Masdar considers the Middle East its biggest market, even though its target is to grow globally, a senior executive has said. “The Middle East is the biggest market for us, we are a company from here, and this market is growing significantly,” Abdulaziz Alobaidli, chief executive officer of Masdar, told AGBI […] 19 mins ago
Trade Kenya-UAE Cepa may increase food exports and investment The UAE and Kenya have signed a comprehensive economic partnership agreement (Cepa) that is predicted to lead to a threefold increase in food exports from the East African nation. The trade deal, which was agreed in February last year, is expected to accelerate trade and investment in agriculture, infrastructure, healthcare, travel and tourism, financial services and […] 12 mins ago
Economy Inflation, not war, is Gulf states’ top concern, says WEF Economic concerns such as inflation dominate risk perception for the coming year in the Gulf and across Mena, according to the World Economic Forum. Its survey of thousands of experts and business leaders, the Global Risks Report 2025, found that geopolitical conflict was the No 1 risk globally, selected by respondents as the “most likely […] 31 mins ago
Oil & Gas Adia to help fund $1bn Malaysian oil and gas firm Abu Dhabi Investment Company (Adia) is to invest in an oil and gas equipment-making unit in Malaysia. Adia is participating in the $1 billion funding round for Yinson Holdings’ equipment-maker alongside Asian investment firm RRJ Capital and British Columbia Investment Management. The funding, expected to close in the first quarter of 2025, will primarily support […] 45 mins ago
