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The Ministerial Council for Services passed today a federal bill on formation of the Union Railway Company, a fully government-owned entity.
The move falls within the government’s policy to boost the domestic transport sector through building a modern railway network.
The new company’s main mission is to underpin national economy through facilitating transportation of passengers and goods, increasing inter-emirate trade exchange and easing traffic congestion.
The federal railway network will constitute the building block in meeting requirements of linking the GCC and the United Nations Economic and Social Commission for Western Asia (ESCWA).
While running its business, the company will own, lease, sell, buy and operate trains and invest in transportation of passengers and goods and other related activities.
The meeting gave its consent for establishing a water and electricity coordinative council to ensure better delivery of water and power services. It also agreed to host and sponsor the IMF Economic Training Centre for the Middle East.
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