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June 2, 2010

Chinese Bank to Fund UAE Railway Project

The Industrial and Commercial Bank of China will provide funding for a railway project in the United Arab Emirates. State-owned Union Railway is developing the AED30bn ($8bn), 1,500km national railway network, which will connect all seven UAE sheikhdoms and link them with the planned G

By cms admin

The Industrial and Commercial Bank of China will provide funding for a railway project in the United Arab Emirates.

State-owned Union Railway is developing the AED30bn ($8bn), 1,500km national railway network, which will connect all seven UAE sheikhdoms and link them with the planned Gulf Cooperation Council railway network.

The Ruwais to Habshan link of the project is expected to begin operations in 2013.

A 266km extension from the Persian Gulf coast is scheduled for completion in 2014, according to businessweek.com.

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