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ICBC Offers To Back UAE Railways Project


Dubai, UAE : 31 May 2010

The Industrial and Commercial Bank of China Ltd., (ICBC) has stated that it is willing to finance Abu Dhabi’s Union Railways project which would extend the UAE’s railways to a 1,500 km network.

ICBC Bank Executive, Yi Huiman, said today that, working in co-operation with China’s Ministry of Railways, the aim was to provide ‘railways with finance’ on a global scale and that they would be prepared to provide advisory and finance services for the UAE rail project.

But no deal has been done just yet, and Union Railways Chief Executive Office, Richard Bowker, has stated that his company is receiving ‘very competitive proposals’ and that despite much ‘interest and excitement’ no deals had yet been done.

The UAE rail network project is being run by Union Railways to a projected cost of $11billion.  The other GCC countries also have plans for national railways, which might eventually lead to a 2,177 kilometre rail network across the region.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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