From Gitex Shopper to the Global Islamic Economy Summit, the first week of October remains as busy as everOctober 4, 2015 1:17
GCC’s $100 billion on rail
Infrastructure investments are on the right track – literally.
June 29, 2010 3:18 by Samuel Potter
According to a recent study, GCC countries will invest over US$119.6 billion in infrastructure projects in the next ten years, of which rail projects account for over 90 percent of spend.
Zawya.com reports the results of the research from Business Monitor International.
“Regional government policy and spending over the next ten years will define the region’s transport infrastructure. The amount allocated for investment in rail projects clearly demonstrates the region’s strategy for mass transit,” said Richard Pavitt, Exhibition Director of the Roadex-Railex exhibition. The exhibition, taking place in Abu Dhabi in November, will focus on road and rail infrastructure.
Saudi Arabia is spending US$25 billion on its rail network adding 3,900 kilometres of track through three major projects. Meanwhile the UAE has already committed US$7.6 billion in Dubai on the Metro (red and green lines) and another US$3.26 billion on several major road projects, says the report.
“In the UAE capital, there are plans for a US$7 billion 131 kilometre monorail track, most of which will be underground. Further funds are budgeted for a high-speed rail link with Dubai, freight rail corridor and new roads all scheduled for completion within the next five years,” said Pavitt.
Gulf Co-operation Council (GCC) countries have jointly approved the construction of a GCC wide rail network estimated to cost in the region of US$60 billion. The network will be initially made up of 2,177km of high speed, electrified line carrying trains travelling up to speeds of 350 km/hour.