Etihad Rail, the developer and operator of the UAE’s national rail network, is expected to approach banks for cUSD2bn to help finance the expansion of the network, banking sources familiar with the matter said. The UAE, which launched the first phase of its rail project in 2016, plans to have a network with 1,200 km (750 miles) of track costing cUSD11bn, running from the border with Saudi Arabia to Fujairah on the Gulf of Oman. One of the sources said the new debt would most likely be a corporate loan, rather than project financing.
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