AB Espresso: Inside the $3bn UAE-Oman ‘Hafeet Rail’

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Check out the latest updates from Arabian Business, where our editorial team has compiled the region's developments from Tuesday:

The European Union has announced changes to visa policies for citizens of Saudi Arabia, Oman, and Bahrain. At a forum between the EU and GCC in Luxembourg, EU foreign policy chief Josep Borrell said the Commission had harmonised rules for multi-entry visas granted to citizens of the three Arabian Gulf countries.

Meanwhile, Spinneys 1961 Holding has set the offer price range of its forthcoming Initial Public Offering (IPO) between AED1.42 and AED1.53 per share ($0.39 to $0.42), implying a market capitalisation of AED5.51 billion ($1.5 billion) at the highest price.

On the transport front, Dubai International Airport (DXB) is operating a normal schedule again after it saw more than 2,150 flights cancelled following historic rain in the UAE. After the heaviest rainfall the UAE experienced in 75 years Dubai Airports is making remarkable strides in restoring and normalising operations at the hub.

In another major development, the UAE and Oman will work together on Hafeet Rail, a $3bn train network from Abu Dhabi to Sohar. Ahmed Al Musawa Al Hashemi, CEO of Hafeet Rail, said that the railway project between the UAE and Oman has entered into the implementation phase today.

In addition, the United Arab Emirates and Oman have signed a series of investment agreements valued at a whopping AED129 billion across multiple sectors, in a major step to deepen the two Gulf countries’ economic cooperation. The deals were announced during the UAE-Oman Business Forum, held in Abu Dhabi in the presence of the Managing Director of the Abu Dhabi Investment Authority (ADIA), Sheikh Hamed bin Zayed Al Nahyan.

THE LONGER READ:

UAE minister Dr. Thani Al Zeyoudi is set to headline at Arabian Business Leadership Summit 2024

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