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Union Railway in UAE marks the beginning of an era of long-term investment: Al Nowais
posted on 12/03/2010
 Union Railway in UAE marks the beginning of an era of long-term investment: Al Nowais
The development of the 1,500-kilometer Union Railway in the UAE marks the beginning of an era of long-term investment in building state-of-the-art rail networks across the nation and the region as a whole, a senior UAE transport official has said here.
H.E. Hussain Al Nowais led a delegation of senior executives from Union Railway to the United States for meetings with counterparts at the largest freight rail companies and locomotive manufacturers in the country.
At the invitation of the US-UAE Business Council, Al Nowais, Chairman of Union Railway, addressed an audience of over 70 business investors and US railway industry leaders on Tuesday, sharing the major developments currently changing the Abu Dhabi landscape, as well as "the great opportunities we have to grow this strategic partnership between our two countries.
Remarking on the growing relationship between the US and UAE, Al Nowais said, "With one of the most open economies in the world, our robust economic partnership with the United States has positioned us as a regional leader. Today, the UAE stands as the United States' single largest export market in the Middle East and ranks 18th in the world, ahead of India and Indonesia." Also Chairman of Abu Dhabi Basic Industries Corporation (ADBIC), Emirates Steel and Khalifa Fund for Enterprise Development, Al Nowais called on American businessmen and investment companies to take advantage of the attractive investment climate in the Emirate of Abu Dhabi, and UAE as a whole, highlighting its strategic location, secure and politically-stable environment, advanced logistical infrastructure and liberal trade environment.
Al Nowais stressed the UAE's commitment, in line with Abu Dhabi Economic Vision 2030, to building a sustainable and diversified economy with a "thriving industrial and logistics sector." He went on to say that the Government of Abu Dhabi is heavily investing in industry, with an ambition to grow the industrial sector's current contribution from 12% to 25% of total GDP.
"A number of key players and organizations have been actively championing this cause and helping to shape this economic transformation, industrial vision and strategy," Al Nowais said, referring to ADBIC, EMAL, Emirates Steel, Borouge, Chemaweyaat, and the Higher Corporation for Specialised Economic Zones (ZonesCorp).
With major investments to develop sustainable industrial growth, Abu Dhabi is positioning itself as a regional industrial hub, especially in key industries such as aluminum, steel and petrochemicals. In turn, these industries provide the raw materials and primary products to the converting industries, as well as the small and medium enterprises, which altogether create a strong industrial base that help drive the Emirate's economic diversification initiatives.
Al Nowais also highlighted the Emirate's heavy investment in building a "world-class integrated infrastructure and best-in-class connectivity" to accommodate growth within the region, and to service export markets. He cited some of the Emirate's mega infrastructure and logistics projects, including the expansion of Mussafah's economic zones, the development of Khalifa Port and Industrial Zone, Abu Dhabi International Airport's massive expansion, and most recently, the development of a national freight and passenger rail system - Union Railway.
The development of the 1,500-kilometer Union Railway, Al Nowais explained, "marks the beginning of an era of long-term investment in building state-of-the-art rail networks across the nation and the region as a whole." Richard Bowker, Chief Executive Officer of Union Railway, further briefed participants on the status of Union Railway's plan to develop a national freight and passenger system throughout the seven Emirates in the next eight years. Bowker emphasised that while this is a new industry for the UAE, it will also bring "opportunities for partners in the United States and around the world to participate in an exciting and unique venture." The goal of the delegation is for UAE rail officials to exchange ideas on best practices and identify areas for future collaboration with US firms and officials. "We are confident that our vibrant trade and investment partnership will only grow stronger over the years," said Al Nowais.
While in Washington, DC, the delegation also met with US rail policy makers and rail regulatory, safety and security experts. – Emirates News Agency, WAM
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