The Elizabeth Line, named for the queen, will boost the capacity of central London’s rail network by about 10%.
It will connect Heathrow Airport and Reading in the west of London with Abbey Wood and Shenfield in the east via the city centre.
After all phases are completed next year, the link will stretch over 117km with 41 stations and a peak frequency of 24 trains per hour, running above ground on its western and eastern flanks.
“The Elizabeth Line is the most significant addition to our transport network in decades, and this new line will revolutionise travel across the capital and the southeast and bring economic benefits to the whole country,” said London mayor Sadiq Khan.
The new line – the first addition to the city’s underground rail system since the Jubilee Line in 1979 – is intended to bring more people back to the Tube, as the London metro is known.
The city boasts the world’s oldest subway, tracing to 1863, but the Elizabeth Line will be one of the system’s first with full air conditioning and Wi-Fi-equipped carriages.
“What could be better for encouraging (people) back onto public transport, and what better symbol could there be of London’s renaissance from the pandemic,” said Andy Byford, the city’s transport commissioner.
MTR operates Hong Kong’s subway and commuter trains.
A wholly owned subsidiary will run the Elizabeth Line and manage 28 of its stations.
“We are excited to witness and take part in the commencement of Elizabeth Line service, which signifies a new era of travel in London,” said MTR chief executive Jacob Kam.
“With our ample experience on railway operations, we are committed to delivering the highest standards of operational efficiency and reliability and the best in customer service for passengers in London.”
MTR is one of Asia’s rare train companies with profitable, hefty overseas operating experience.
Its international railway revenue totalled HK$22.35 billion in 2021, a 14% increase from the previous year.
Earnings before interest and tax reached HK$419 million, soaring 755% in a sharp recovery from the coronavirus pandemic.
The company’s international operations are in the UK, Australia and Sweden.
MTR is the Scandinavian country’s largest rail operator by passengers, administering four wholly owned subsidiaries including the metro in Stockholm.
MTR also operates subway lines in the mainland Chinese cities of Beijing, Shenzhen and Hangzhou and launched Macau’s first rapid transit system in 2019.
Including property rental and management operations in China, MTR generated HK$25.04 billion in revenues from outside its home market last year, more than in Hong Kong.
MTR’s closest peers in Asia are in Japan, home to more than 20 listed train companies.
Tokyo-based Tokyu and the three main Japan Railways Group companies franchised on the island of Honshu – JR East, JR West and JR Central – exceed MTR in annual revenue, but derive negligible income from outside Japan.
MTR was established in 1975 by the government of Hong Kong to build and operate a public transportation system in the territory.
It has been a listed company since 2000, but the city retains a majority stake.
The rail operator has been consistently profitable outside of its first annual loss in 2020 amid the pandemic.
It now operates over 200km of railways in Hong Kong after launching the East Rail Line Cross-Harbor Extension on May 15, enabling seamless travel from the northern end of the territory bordering Shenzhen to Hong Kong Island.
Since granted a concession in 2004 to build Metro Line 4 in Shenzhen, MTR has gradually expanded its foothold outside Hong Kong.
After a few successful bids and operations in mainland China, the company extended its franchise to Europe and Australia, winning the Elizabeth Line concession in 2014.
In MTR’s annual report last month, chairman Rex Auyeung called the company’s external operations one of its “three pillars”, along with its Hong Kong franchise and new growth fields such as emerging railway technology.
In a statement issued on Friday, the company reinstated its aspiration to be “an international brand based in Hong Kong”.