FINANCIAL NEWS

GCC to construct USD30b rail network in 2013

05 Oct 2011

(MENAFN) GCC assistant undersecretary for economic affairs, Abdullah Al Sbhubaili, said that in two years, the GCC countries would start the construction of a USD30 billion rail network, reported Emirates 24/7.

Al Sbhubaili added that the project, which would take around 4 years to be finished, would be the first of a kind to connect 6 countries in the Arab region, and would be one of the most important projects to be executed in the Gulf region.

He also said that the rail way, which would facilitate the movement of trade and capital among GCC nations, would stretch nearly 2,117 km, starting from Kuwait and passing through Saudi Arabia, Bahrain, Qatar and the UAE to end up in Oman.

It is worth noting that the UAE is establishing its own inter-emirate rail network, which at later stage could be connected to the GCC train project.

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