Etihad Rail, the developer and operator of the UAE’s national railway network, was awarded the Project Finance Deal of the Year 2013, for the financing of USD 1.28 billion (AED 4.7 billion) for Stage One of the railway project, which comprises the route from Shah and Habshan to Ruwais. Mr. Khaled Bin Faisal, Administration Director of Etihad Rail, accepted the award at a gala event in Dubai on behalf of the Etihad Rail team.
Commenting on the occasion, HE Dr. Nasser Al Mansoori, CEO of Etihad Rail said: “Etihad Rail is a strategic infrastructure project, and we have always been proud of the rapid progress we have made to transform our vision to reality. This recognition reaffirms the confidence of the international community in this project, and rewards our continued and committed efforts to implement best international practice in all areas.” Al Mansoori expressed his appreciation for Abu Dhabi National Oil Company (ADNOC) and National Bank of Abu Dhabi PJSC (NBAD) for their role in securing this deal.
Project Finance Magazine, Euromoney Publications’ flagship international infrastructure finance title, developed the Project Finance Awards 15 years ago. The prestigious awards recognise innovation, deal repeatability, best practice, problem solving, risk mitigation, value for money, and speed of delivery in the financing of infrastructure projects.
Etihad Rail, in collaboration with the Abu Dhabi National Oil Company (ADNOC), secured a five-year loan for Stage One in 2013, financed on a club deal basis by Bank of Tokyo-Mitsubishi UFJ (BTMU), Abu Dhabi Commercial Bank (ADCB) and HSBC Bank Middle East Limited (HSBC), with NBAD acting as both the facility and security agent of the loan.
Etihad Rail was established in 2009 with a federal mandate to manage the development, construction and operation of the UAE’s national railway network. Catering to freight and passengers, the railway is being built in three stages to link the UAE’s principal centres of population, ports and industry, and to form a vital part of the planned GCC railway network.