DOHA: Qatari Diar Real Estate Investment Company, yesterday hosted the first Board of Directors meeting of the Qatar Railways Company, a subsidiary of the Qatari Diar Group dedicated to developing Qatar's rail industry.
The meeting follows last week's formation of the Qatar Railways Company Board of Directors and represents a step forward for the company's visionary project to create Qatar's first integrated national railway network, the company said.
The meeting chaired by Ghanim bin Saad Al-Saad, Chairman of the Qatar Railways Company and Managing Director of Qatari Diar was called to discuss the establishment and formation of the company.
The meeting discussed the rail project and its current development status, the budget and cash flow for the Qatar Railways Company and the review of the project's operating budget.
The meeting also addressed the company's regulatory affairs and matters related to the state's interest. The meeting took several resolutions, including, the appointment of Engineer Abdulla Abdulaziz Turki Al Subaie as the Managing Director of the Qatar Railways Company and the formation of the Qatar Railways Company Executive Committee.
Al Saad said: "Our meeting today is a big step toward putting the Qatar Railways Company into operation and moving forward with the work ahead of us as we build for the future of Qatar."
Engineer Abdulla said he was proud to be entrusted with developing one of the largest and most progressive rail networks in the Middle East. "As such we at Qatar Railways Company are committed to achieving the highest international standards in creating this project in national development that will become an international legacy for Qatar for generations to come," he said.
Qatar Railways Company, a private and independent company, was founded to support and coordinate the growth of Qatar's rail industry. In addition to securing the resources, personnel and organisational requirements necessary to ensure the rail sector's sustainability, the Qatar Railways Company will also develop the appropriate legal and legislative frameworks to ensure that all local and international regulations are met.
As Qatar's premier railway authority, the Qatar Railways Company will oversee the management, operation and maintenance of all local railways and lead coordination efforts with regional and international rail networks.
In creating Qatar's much-anticipated state-of-the-art integrated railway network, the Qatar Railways Company will manage the development of the West Bay People Mover, Lusail City's Light-Rail Transit system, and the integrated Qatar Railways Project, which will incorporate a metro system, long-distance passenger travel, and freight transport.
In November 2009, Qatari Diar and Deutsche Bahn AG signed a joint venture to establish the Qatar Railways Development Company (QRDC) under the administration of the Qatar Railways Company, wholly owned by Qatari Diar.
© The Peninsula 2011
