FINANCIAL NEWS

Saudi approves USD74b plan to revamp Riyadh

07 Mar 2013

(MENAFN) The Riyadh Development Authority (RDA) announced a USD74 billion plan to overhaul the Saudi capital, reported Arabian Business.

The plan, which was endorsed by the authority, will comprise the development of housing projects in the city center, and the addition of 3 main railway lines.

RDA added that 4 consortiums consisting of 33 firms are bidding to set up a metro network in Riyadh.

Meanwhile, at the current time, 6 lines of electric rail, totaling 175 km, planned across the capital to serve the airport and the King Abdullah Financial District, are under construction.

It is worth noting that over 60 agencies have been assigned to follow up on the execution of the housing projects and the railway lines.

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