Saudi signs $8.2B rail deal with Spanish Group
Saudi Arabia signed a contract worth 30.8 billion riyals ($8.2 billion) on Saturday with a Spanish consortium to build a high-speed railway connecting Islam's holiest cities, Mecca and Medina, with the port city of Jeddah.
January 14, 2012 5:34 by Reuters
Saudi Finance Minister Ibrahim Alassaf and Transportation Minister Jobarah al-Suraisry signed the agreement with Spanish Foreign Minister Jose Manuel Garcia-Margallo and Public Works Minister Ana Pastor.
Al-Shoula consortium, which comprises Spanish companies including ADIF, RENFE and Talgo, won the project last year after a long bidding process in which it competed with a French-led group.
The contract is for the second phase of the project involving track laying, electrification, operations and maintenance.
The world’s top oil exporter is rapidly expanding its rail network, laying lines to its northern cities and phosphate mines, and connecting its east and west coasts in addition to the Mecca-Medina line.
The new rail link is expected to improve transport connections during the annual haj pilgrimage. ($1 = 3.7503 Saudi riyals) (Reporting by Angus McDowall)
More on GCC
-
Dubai ruler makes horse doping illegal
-
CEO-elect of UAE’s fraud-hit RAKBANK has quit
-
Saudi Arabia confirms another death from SARS-like virus
-
Prepaid cards available across the UAE
-
Bahrain’s Batelco CEO leaves with immediate effect
-
Arabtec Says Workers End Strike
-
First report by Etisalat covering global footprint
-
Kuwaiti Oil Service Workers On Strike Over Pay – Union
-
Qatar’s Doha Bank May Sell Bonds To Raise Capital – CEO
-
Qatar to announce new energy infrastructure fund
-
Qatar Holding, Italy Fund Eying Versace – Paper
-
Saudi government websites targeted
-
NCoV – First report of patient-to-nurse spread
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
GMR reveals top 50 Mena Corporate Brands
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
Lately on Kipp
-
Dubai ruler makes horse doping illegal
-
CEO-elect of UAE’s fraud-hit RAKBANK has quit
-
Over 90% of passwords vulnerable to hacking
-
‘Renewable energy absolutely necessary’ – Saudi
-
NEC Display Solutions launches Full HD 3D ready compact meeting room projector
-
Saudi Arabia confirms another death from SARS-like virus
