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FINANCIAL NEWS
Saudi Binladin Group secures Mecca rail contract
24 Feb 2012
(MENAFN) Saudi constructions giant Saudi Binladin Group won a contract to build the first phase of a rail line linking the Haramain train route with a metro in Mecca, Al-Eqtisadiah reported.
Abdullah Serajeddin, chief executive officer of Albalad Alameen Development and Urban Regeneration at the Mecca Municipality said all railways projects across need government support and cannot be handled by the private sector alone.
Binladin Group in August won a contract from Kingdom Holdings to build the Kingdom Tower in Jeddah, poised to overtake Dubai’s Burj Khalifa as the world’s tallest building.
It is worth noting that the firm, which expanded the holy mosque in Mecca and has built large-scale projects across the Kingdom and the Middle East, also agreed to become a shareholder in Jeddah Economic Co, the project’s owner, with a stake of about 17 percent.
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