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FINANCIAL NEWS
Saudi Arabia to construct metro rail system in Riyadh
04 Aug 2013
(MENAFN) The Saudi government plans to build the first metro rail system, at an estimated cost of around USD22.5 billion due in 2019. Its aim is to make the quality of life in the congested Saudi capital better. It also aims to shift the country’s economy beyond oil, The Peninsula Qatar reported.
Only 2 percent of Riyadh’s population use public transportation. This system will be a good supporter for Saudi Arabia in managing its oil resources more.
�The metro will drive down energy requirements for the transport sector, if the metro is incentivised by the government as a replacement to motor vehicles, and reduce environmental pollution,� said John Sfakianakis, chief strategist at investment firm MASIC.
This system will save a huge amount of gasoline since Saudi Arabia consumes about 500 thousands barrels each day, and exports below 8 million barrels a day.
More News
13 Apr 2026
BBK launches the Youth Advisory Council (YAC) to empower youth and advance innovation
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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