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Sun 28 Mar 2010 03:47 PM

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German rail operator signs UAE agreement

Projects planned in 'double-digit billions range' says a spokesman for Deutsche Bahn.

German rail operator signs UAE agreement
RAIL DEAL: The memorandum of understanding lays out a strategic partnership between Deutsche Bahn and UAE-based Al Masaood Group. (Getty Images)

German national rail operator Deutsche Bahn has moved closer to a deal worth billions of euros to build a rail network in the UAE, the company said after it signed an agreement on Sunday.

The memorandum of understanding, signed in UAE capital Abu Dhabi, lays out a strategic partnership between the rail giant and UAE-based Al Masaood Group for the planning, construction and operation of rail systems, a Bahn statement said.

German transport minister Peter Ramsauer, Bahn Chief Executive Ruediger Grube, and Al Masaood Group Chairman Abdullah al-Masaood were present at the signing, which Bahn hopes will lead to contracts in the near future.

"What is being planned involves projects in the double-digit billions range," a Bahn spokesman said, declining to be named.

Bahn is already involved in a 17 billion euro ($22.66 billion) project in nearby Gulf state Qatar. (Reuters)

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