Dubai to have railway
Dubai has announced it will begin next year the construction of an intra-city railway that will be 70km long and pass through underground stretches for some of the distance.
The train network will cost $2.18 billion to build and is expected to start operating by 2007, according to Nasser Ahmed Saeed, head of the roads division at Dubai Municipality. Some 275,000 passengers amongst Dubai's population of nearly 1 million are expected to use the service daily to avoid rush-hour traffic. Fares could be as low as Dh2.75 ($0.75).
The Dubai government's initiatives to increase investments in the city will attract more residents.
Many register for Maritime City
Approximately 800 maritime and marine-related companies from the regional market, the, Far East and Europe have registered with the Dubai Maritime City since its launch in May this year. Billed as the world's largest maritime development of its kind, the facility will house 5,000 businesses, creating a regional hub for maritime activities, including ship design, manufacturing, repair, recreation, education and marketing.
UAE port building container terminal
A new terminal is being constructed at Mina Zayed in Abu Dhabi at a cost of Dh400 million ($109 million). It will have berths to accommodate two ships of 650m length and 17m depth. The investment will cover construction of an administration building and several other structures. The expansion project includes a fuel storage tank facility to serve the needs of cargo ships calling at the port. The port now has four deep-water berths with a total length of 1km and 160 reefer points.
Aramex revenues rise 27 per cent
Courier company Aramex International has announced half-yearly revenues of $80.1 million for the first six months of 2003, reflecting a growth of around 27 per cent over the same period last year. In addition, Aramex's half yearly net income rose to $4.5 million, an 83 per cent increase compared with 2002's first half yearly figure of $2.4 million, said Fadi Ghandour, president and CEO of Aramex International.
