UAE's Etihad Rail Connects Vital Freight Terminal to Network’s Main Line

The new line extends from the borders of Saudi Arabia to the port of Fujairah, on the eastern coast, passing through key manufacturing hubs and urban centers. (WAM)
The new line extends from the borders of Saudi Arabia to the port of Fujairah, on the eastern coast, passing through key manufacturing hubs and urban centers. (WAM)
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UAE's Etihad Rail Connects Vital Freight Terminal to Network’s Main Line

The new line extends from the borders of Saudi Arabia to the port of Fujairah, on the eastern coast, passing through key manufacturing hubs and urban centers. (WAM)
The new line extends from the borders of Saudi Arabia to the port of Fujairah, on the eastern coast, passing through key manufacturing hubs and urban centers. (WAM)

UAE's Etihad Rail said it successfully completed the connection process between the railway freight terminal at the Industrial City of Abu Dhabi (ICAD), the largest inland freight railway terminal in the country, and the UAE National Rail Network.

This achievement comes in line with the goals of the UAE Railway Program, which is the largest integrated system for transporting goods and passengers across the country.

The program aims to connect the country’s key centers of industry and production, open new trade routes and facilitate population movement, state new agency WAM reported.

Upon the completion of Stage Two of the UAE National Rail Network, Etihad Rail will provide logistics solutions from the railway terminal, which is located at the heart of the Industrial City of Abu Dhabi, burgeoning hub of industrial companies in the area.

Executive Director of Rail Relations Sector at Etihad Rail Mohammed Al Marzouqi said: "Connecting the railway freight terminal at ICAD with Etihad Rail’s main line ensures our readiness to start providing our clients with logistics solutions by linking Abu Dhabi with various industrial centers and import and export points.:

"Our network will have a positive impact on end users, as it will contribute to reducing trucks on roads and bring down their maintenance costs," he added.

Etihad Rail is constructing the largest inland railway freight terminal in the UAE in ICAD, spanning just over 2.7 million square feet, the new railway freight terminal at will comprise over 22 buildings and major structures to support operations, processing up to nine trains each day.

It will facilitate the distribution of goods across the countries of Gulf Cooperation Council (GCC) and UAE.

The development of the ICAD railway freight terminal features as a part of Stage Two of the UAE’s national railway network.

The historic project extends from Al on the borders of Saudi Arabia to the emirate of Fujairah, on the eastern coast. Upon completion, Stage Two of the GCC’s railway network will integrate the nation’s ports, manufacturing hubs, and urban centres.



Oil Rises as Investors Weigh Market Outlook, Tariffs, Sanctions

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
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Oil Rises as Investors Weigh Market Outlook, Tariffs, Sanctions

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk

Oil prices rose by around 1% on Friday as investors weighed a tight prompt market against a potential large surplus this year forecast by the IEA, while US tariffs and possible further sanctions on Russia were also in focus.

Brent crude futures were up 76 cents, or 1.11%, at $69.40 a barrel as of 1153 GMT US West Texas Intermediate crude ticked up 82 cents, or 1.23%, to $67.39 a barrel.

At those levels, Brent was headed for a 1.6% gain on the week, while WTI was up around 0.6% from last week's close.

The IEA said on Friday the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power-generation, Reuters reported.

Front-month September Brent contracts were trading at a $1.11 premium to October futures at 1153 GMT.

"Civilians, be they in the air or on the road, are showing a healthy willingness to travel," PVM analyst John Evans said in a note on Friday.

Prompt tightness notwithstanding, the IEA boosted its forecast for supply growth this year, while trimming its outlook for growth in demand, implying a market in surplus.

"OPEC+ will quickly and significantly turn up the oil tap. There is a threat of significant oversupply. In the short term, however, oil prices remain supported," Commerzbank analysts said in a note.

Further adding support to the short-term outlook, Russian deputy prime minister Alexander Novak said on Friday that Russia will compensate for overproduction against its OPEC+ quota this year in August-September.

"Prices have recouped some of this decline after President Trump said he plans to make a 'major' statement on Russia on Monday. This could leave the market nervous over the potential for further sanctions on Russia," ING analysts wrote in a client note.

Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress on peace with Ukraine and Russia's intensifying bombardment of Ukrainian cities.

The European Commission is set to propose a floating Russian oil price cap this week as part of a new draft sanctions package, but Russia said it has "good experience" of tackling and minimising such challenges.