Bank Nizwa, a leading Islamic bank in Oman, has signed a key agreement, pledging a financial commitment of $45 million, for the groundbreaking Hafeet Rail project.

 

The landmark initiative, that connects the UAE capital Abu Dhabi and Sohar Port in Oman, marks a significant milestone in regional collaboration and infrastructure development, said the bank in a statement.

 

The ambitious Hafeet Rail project represents a strategic collaboration between the UAE and Oman, designed to enhance the existing tourism infrastructure and offer residents and travellers the unique experience of cross-country rail travel throughout the GCC, it stated. 

 

This railway system will provide passengers with breathtaking views of the mountains, highlands, and vast deserts of both nations, said senior officials at the signing ceremony held in Abu Dhabi. 

 

In its initial phase, the transformative project will involve the construction of a 303-km high-speed railway line, with 163 km situated within Oman. 

 

The rail line will incorporate two tunnels, 60 bridges, and two passenger stations in Sohar and Al Ain, significantly reducing travel time while ensuring enhanced safety, comfort, and luxury for all travellers, they added.

 

On the strategic agreement, CEO Khalid Al Kayed said: "We take great pride in extending our financing to the pioneering Hafeet Rail project, which has the potential to revolutionize travel and goods transportation across the GCC. At Bank Nizwa, we are committed to advancing national and regional priorities that enhance infrastructure and development, aligning our countries with international standards."

 

"We are honoured to contribute to a project that will generate numerous direct and indirect employment opportunities while significantly reducing logistics costs and the carbon footprint associated with cross-border transportation," he added.-TradeArabia News Service