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FINANCIAL NEWS
Saudi approves railway project
12 Oct 2011
(MENAFN) Saudi Railway Organization’s president, Abdul Aziz Al Hokail, said that the country’s cabinet approved establishing a railway to connect the Kingdom’s east coast with its west coast, reported Emirates 24/7.
Al Hokail added that the cabinet agreed to fund the USD10 billion railway from Public Investment Fund, moreover, it would seek bids in order to construct infrastructure.
He also said that the rail line would link the western port of Jeddah to the capital Riyadh, where it would connect an existing network between the capital and the eastern ports of Dammam and Jubail.
It is worth noting that as a main activity, the 950 km railway will transport containers to the local and neighboring gulf markets, a step which will lessen the cost for transporting goods.
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