Hafeet Rail covers a distance of 238 kilometers, with the aim of developing a transportation system that will further deepen the economic integration between the two Middle Eastern countries. The project’s key infrastructural components include 2,500-meter-long tunnels, 36 viaducts, 21 over-bridges, 39 underpasses, and 881 culverts.

“Construction work is continuing at an accelerated pace at several strategic locations along the routes, such as Al Ain, Buraimi, Wadi al Jazi, and Suhar,” Hafeet Rail Company noted.

Given the fact that the route passes through urban and industrial areas, mountainous terrain, and deep valleys, the venture is deploying specialized engineering solutions, including large-scale excavation and the implementation of large engineering facilities such as bridges and tunnels, in addition to integrated flood protection systems, to ensure the system operates in a safe and sustainable manner.

Apart from connecting more than 12 passenger stations and cities across the two countries, the project will also link five major ports and more than 15 integrated freight facilities. While work has been ongoing in regions like Al Ain, Al Buraimi, Wadi Al Jizzi, and Suhar, significant excavation and backfilling works have been undertaken, totalling approximately 27 million cubic meters, in addition to over 100,000 cubic meters of concrete work.

As per the authorities, the project has achieved over 10 million safe work hours without any serious injuries, reflecting a commitment to safety and quality standards.

“The project also includes the construction of 60 bridges, some reaching heights of up to 34 meters, along with tunnels totalling approximately 2.5 kilometers in length, all within an infrastructure designed for the efficient transport of heavy goods,” Hafeet Rail Company said.

Sohar Port, a deep-sea port in the Sultanate of Oman, located midway between Muscat and Dubai, along with its surrounding industrial zone, is expected to be among the project’s primary beneficiaries.

The rail link will reduce the time required to transport goods to Gulf markets, enhancing the port’s attractiveness as a regional logistics hub. It is also expected to attract new industrial investments to the Omani regions like Al Buraimi and Suhar and adjacent economic zones, particularly in domains like heavy and light industries and storage and distribution centers.

While the Hafeet Rail project will attract investments to the construction, engineering, and logistics sectors of both Oman and the UAE, it will also support the growth of small and medium-sized enterprises (SMEs) by expanding their participation opportunities in the project’s supply chains and services.

“The project will also enhance the competitiveness of local products by facilitating import, export, and distribution processes, thereby increasing the competitiveness of Omani companies in regional and global markets,” Hafeet Rail Company concluded.

The post All you need to know about Hafeet Rail, envisioned to deepen Oman-UAE ties appeared first on International Finance.

Aramco President Amin Nasser told the media, “This landmark transaction defines the way forward for our portfolio optimisation programme. We are capitalising on new opportunities that also align strategically with the Kingdom’s recently-launched Shareek program. Aramco’s strong capital structure will be further enhanced with this transaction, which in turn will help maximise returns for our shareholders.”

Saudi Aramco said in a bourse filing to the Saudi Stock Exchange, “This transaction will not impose any restrictions on Saudi Aramco’s actual crude oil production volumes that are subject to production decisions by the Kingdom of Saudi Arabia.”

Recently, it was also reported that Abu Dhabi sovereign investor Mubadala Investment is in discussion with a leading member of the consortium to invest in the project. It was also reported that a final agreement between both parties has not been reached as of yet.

Aramco’s chief executive officer has said that he expects oil demand to increase in 2021. He said that the company is pleased that there are signs of a recovery. Hence he expects this to continue as governments and authorities around the world reopen economies.”

Recently, Aramco also a 44.4 percent slump in net profit for 2020 as a result of weak demand for oil amid the coronavirus pandemic. This means now Aramco will also cut its capital expenditure.

The post Saudi Aramco and EIG led consortium agree $12.4 bn pipeline deal appeared first on International Finance.

So far, Reliance has sold over 21 percent of its interest in Reliance Jio.

With regard to the stake acquisition in Reliance Jio, Hamad Shahwan Aldhaheri, executive director in Abu Dhabi Investment Authority ‘s private equities department, said in a statement, “The rapid growth of the (Jio) business, which has established itself as a market leader in just four years, has been built on a strong track record of strategic execution.”

Recently, Abu Dhabi-based investment sovereign fund Mubadala Investment also acquired a 1.85 percent stake in Reliance Jio in a deal worth $1.21 billion.

Launched in 2016, Reliance Jio has established itself as a telecom giant in India in a short spell due to its competitive pricing strategy. Backed by multibillionaire Mukesh Ambani, Reliance Jio disrupted the Indian telecom sector which led to many telcos exiting the market with Vodafone on the brink of shutting down its business in India.

The company currently has more than 376 million users in India.

So far Reliance has sold stakes in Jio Platforms to investors such as Facebook, Microsoft, and General Atlantic and has accumulated around $13 billion.

According to media reports published last month, Microsoft is also planning to acquire more than 2.5 percent stake in Jio Platforms for $2 billion. However, the deal is said to be in the early stages and many details are yet to be finalised.

The post Abu Dhabi Investment Authority buys 1.16% stake in Jio for $752 mn appeared first on International Finance.

The rise in Mubadala’s assets has stemmed from its total investment of Dh70.1 billion last year across various key sectors. Mubadala has been able to deliver stable financial growth despite global macroeconomic turbulence in the fourth quarter last year, the company said in the official press release. It reported that the comprehensive income stood at Dh12.5 billion last year, which increased 21.3 percent from Dh10.3 billion in the previous year. 

The sectors it invested in includes technology, aerospace, commodities, financial services, medtech, pharma and agribusiness. As part of its investment diversification strategy, Mubadala has monetised many of its mature assets locally and abroad for Dh55.4 billion. 

The company invested Dh70.1 billion in both new and existing priority sectors, the press release said. The new sectors comprised pharma, medtech and agribusiness. “Mubadala is operating as a global investor to drive financial returns and strategic value for Abu Dhabi, towards a vision of an internationally-connected and future-focused economic base. The addition of the Abu Dhabi Investment Council was a transformational step, strengthening our position as an international investor across different sectors,” Group Chief Executive Officer and Managing Director, Khaldoon Khalifa Al Mubarak, said. 

Mubadala has continued to invest in capital worldwide. For example, last year the company joined forces with Greece’s New Economy Development Fund (Taneo) to create a Dh1.8 billion co-investment platform to focus on investment opportunities in Greece’ key markets. 

On the basis of the agreement, both parties will individually contribute €200 million to the new co-investment platform. 

Mubadala Chief Financial Officer, Carlos Obeid said that the company’s financial and operational performance last year despite tough market conditions is  attributed to its diversification and steady cash flows.

The post Mubadala’s assets rise 80% with key sector investments last year appeared first on International Finance.