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RITES Limited signs an MoU with Etihad Rail to enhance UAE railway infrastructure, boosting shares by 8% and improving efficiency and logistics.
NEW DELHI: RITES Limited, a PSU transport infrastructure consultancy has signed a Memorandum of Understanding (MoU) with Etihad Rail, the developer and operator of the UAE National Rail Network. This partnership aims to explore synergies in the development of railways and related infrastructure across the UAE and the broader region, the company announced on Wednesday.
The MoU was signed by Shadi Malak, CEO of Etihad Rail, and Rahul Mithal, Chairman and Managing Director of RITES Ltd., during the Global Rail Transport Infrastructure Exhibition & Conference in Abu Dhabi on Tuesday.
Shares of RITES Ltd. surged 8% today as the company announced the Memorandum of Understanding (MoU) with Etihad Rail, the developer and operator of the UAE National Rail Network. In its statement, RITES Ltd. highlighted the scope of the partnership, which includes rolling stock repairs, operation and maintenance of rail infrastructure, and capacity analysis of rail corridors in the UAE and neighbouring regions.
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Both companies will also focus on introducing advanced IT solutions for train operations and passenger management, aiming to boost the technological capabilities of the UAE’s rail services.
Rahul Mithal, Chairman and MD of RITES Ltd., commented on the significance of the partnership, stating, “This strategic collaboration with Etihad Rail underscores our strengths and commitment to operational excellence & innovation while contributing to sustainable infrastructure development. It represents a significant advancement in our strategic initiative of ‘RITES Videsh,’ aimed at expanding our global services. Together, the entities are laying the foundation to significantly contribute to enhanced connectivity, setting new benchmarks of excellence in the industry.”
A major element of the MoU is the focus on knowledge transfer, workforce development, and expertise sharing. Both organizations will implement comprehensive training programs and employee exchange initiatives to foster skills and enhance the expertise of their teams.
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Shadi Malak, CEO of Etihad Rail, expressed his optimism about the partnership, saying, “This strategic partnership with RITES marks a significant step towards our vision of enhancing connectivity and transforming the transportation landscape in the UAE. Through this collaboration, we will yield forward-thinking, innovative solutions that benefit both our freight services and future passenger services, contributing to the overall infrastructure and operational excellence of the region.”
RITES Limited, founded in 1974, is an Indian public sector undertaking specializing in engineering consultancy for transport infrastructure. The company provides project management and design engineering services across railways, highways, and urban transport, executing projects in over 62 countries. RITES has been listed on the NSE and BSE since July 2018.
