“RITES Ltd., a prime transport infrastructure consultancy, today signed a Memorandum of Understanding (MoU) with Etihad Rail, the developer and operator of the UAE National Rail Network, to explore cooperation and synergise strengths in developing railways and related infrastructure services in the UAE and wider region,” the company said in a filing to the exchanges.
The MoU also includes a capacity analysis of rail corridors in the UAE and surrounding areas to boost efficiency, streamline logistics, and enhance trade routes. Both parties will focus on innovation and advanced IT solutions for train operations, passenger management, and maintenance practices.
The company stated that this partnership aims to combine the strengths of both firms to explore opportunities in supplying and leasing rolling stock, providing consultancy and project management, and offering services such as rolling stock repair and infrastructure maintenance to modernize rail services in the UAE and the region
“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, said Rahul Mithal, Chairman & Managing Director of RITES while commenting on the signing.
Shares of RITES have increased by 37% over the past year and have surged by 28.45% so far in the current year.(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)