RITES Ltd. shares surged over 3% in morning trade following the announcement of a strategic memorandum of understanding (MoU) with Etihad Rail. The MoU, signed with Etihad Rail’s subsidiary, National Infrastructure Construction Company (NICC) LLC, marks a significant step in expanding RITES’ business collaboration in the mobility and transport infrastructure sector in the UAE and beyond.
The agreement was formalized by H.E. Shadi Malak, CEO of Etihad Rail, and Mr. Rahul Mithal, Chairman and Managing Director of RITES Ltd., in the presence of His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Etihad Rail, and H.E. Sunjay Sudhir, India’s Ambassador to the UAE, during the Global Rail Transport Infrastructure Exhibition & Conference in Abu Dhabi.
Under this partnership, RITES’ five decades of expertise in consultancy, transport infrastructure, and engineering solutions will be combined with NICC’s execution capabilities. This collaboration aims to create synergies for the development and execution of large-scale infrastructure projects in the region.
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