| 09 Sep 2010 |
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UBS chosen as finance adviser to Union Railway
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Thursday, Sep 09, 2010
Gulf News
global track record in rail projects sways decision
Abu Dhabi The UAE’s Union RailwayUnion Railway
has announced the appointment of UBS Investment BankUBS Investment Bank to provide advice in developing a strategic financing plan for the construction and operation of Union RailwayUnion Railway.
“Union RailwayUnion Railway
had received proposals from a wide range of leading financial institutions, reflecting intense global interest in the Union RailwayUnion Railway project. A principal reason for UBSUBS being chosen is because of its strong experience and track record in advising on rail projects around the world and because of its long history in providing advisory services in the UAE, stretching back over 30 years,” the Abu Dhabi-based Union RailwayUnion Railway said on its website. “We are delighted to have received so many high quality proposals and look forward to working closely with UBS Investment BankUBS Investment Bank over the next few months,” said Richard Bowker, chief executive officer of Union RailwayUnion Railway.
“The Union RailwayUnion Railway
project represents one of the most exciting and innovative infrastructure projects being developed in the UAE. It reflects the UAE’s vision and commitment to creating a world class logistics and transportation infrastructure,” he added. UBS Investment BankUBS Investment Bank now plans to join with the Union RailwayUnion Railway management team to develop options for financing the construction and ongoing operation costs of the railway. The options will later be presented to Union Railway’s board.
Separately, as part of a competitive tendering process, the Abu Dhabi Freight and Passenger Railway Committee, has invited suitable rolling stock manufacturers with commensurate experience, to express their interest in applying for rolling stock procurement contracts for the first phase of the Union RailwayUnion Railway network (Shah Habshan Railway) in the western region of the emirate of Abu Dhabi. “It’s currently anticipated that the pre-qualification documents will be available for collection by 19th of September 2010, for a fee of Dh10,000, and the deadline for submission will be October 3, 2010,” an Abu Dhabi Freight and Passenger Railway Committee spokesman added.
A countrywide railway network in the UAE will be rolled out over the next seven to eight years, Union Railway’s Bowker had said earlier. The Union RailwayUnion Railway will extend up to 1,500 kilometres across all seven emirates. The railway will connect the UAE to Saudi Arabia via Ghweifat city in the West and Oman via Al Ain in the East.
The Union RailwayUnion Railway project represents one of the most exciting and innovative infrastructure projects being developed in the UAE. It reflects the UAE’s vision and commitment to creating a world class logistics and transportation infrastructure.”
Richard Bowker
CEO, Union Railway
By Himendra Mohan Kumar?Staff Reporter
© Gulf News 2010. All rights reserved.
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