Etihad Rail reportedly seeking advisor to raise $3bn for Stage 2
Bloomberg report states financial advisors being sought to build Stage 2, for which $1.2bn contracts were awarded in June'19
Etihad Rail, the developer-operator behind the eponymous 1,200km federal railway network connecting Abu Dhabi and Dubai, plus Khalifa Port, Khalifa Industrial City, and Jebel Ali Port, is reportedly seeking financial advisors to raise between $2bn and $3bn (AED7.3bn to AED11bn) for the construction of the project's Stage 2.
Bloomberg reported that the funds will be used to lay 605km of track for Stage 2 of Etihad Rail, which will run from Ghuweifat to the border of Saudi Arabia, and the UAE's Fujairah emirate.
Its report added: "The UAE’s Ministry of Finance and Abu Dhabi’s Department of Finance are also helping finance the second stage of the project."
Etihad Rail awarded $1.2bn (AED4.4bn) contracts for Packages B and C, respectively spanning 216km and 94km, to China Railway Construction Corporation (CRCC) and Ghantoot Transport and General Contracting Company (GTGC).
Package A of Etihad Rail's Stage 2 was awarded to a consortium of the Yu Tao-led China State Construction Engineering Corporation Middle East and South Korea’s SK Engineering and Construction in March 2019.