RITES Ltd., the national railway PSU, announced on Wednesday, October 9, that it has signed a Memorandum of Understanding (MoU) with Etihad Railways for railway infrastructure works in the UAE.
Eithad Rail is the developer and operator of the UAE national rail network. RITES said the MoU is to explore cooperation and synergize strengths in the development of railways and related infrastructure in the UAE and the wider region.
Etihad Rail CEO Shadi Malak and RITES Chairman and Managing Director Rahul Mittal sign a memorandum of understanding during the World Rail Transport Infrastructure Exhibition and Conference in Abu Dhabi on Tuesday, October 8. signed.
RITES believes that this partnership will leverage the strengths of both companies to provide services such as rolling stock supply and leasing, railway project consulting and project management, rolling stock repair and operation and maintenance of railway infrastructure, making it more efficient and modern. The aim is to explore opportunities for cooperation to ensure that the Rail services across the UAE and the region. Another key initiative under the MoU is a capacity analysis of rail corridors in the UAE and neighboring regions, which aims to help improve efficiency, streamline logistics and strengthen trade routes. According to RITES, the two companies will also explore advanced IT solutions for train operations and passenger management, as well as technical input for maintenance operations.
The partnership will also include knowledge transfer, expertise sharing and talent development, the company said, adding that a comprehensive training program and employee exchange initiatives will form key elements of the partnership.
“This strategic partnership with Etihad Rail highlights our strengths and commitment to operational excellence and innovation, while contributing to sustainable infrastructure development. This represents a significant advancement in our strategic initiative ‘RITES Videsh’,” Mittal said.
Malak said the strategic partnership with RITES marks a significant step towards Etihad Rail’s vision to enhance connectivity and transform the UAE’s transport landscape. “Through this partnership, we will create advanced and innovative solutions that will benefit both cargo services and future passenger services, contributing to the region’s overall infrastructure and operational excellence,” Malak added.
RITES stock closed 1.99% higher at ₹301.75 per share on Tuesday, Oct 8. The stock has gained 19.92% since the beginning of the year.
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First Published: October 9, 2024 8:11 AM IST