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FINANCIAL NEWS
Saudi Electricity gets $488m Haramain rail contract
22 Sep 2010
(MENAFN) The president of the Saudi Electricity Co. (SEC) said that the company has been awarded a $488 million contract to provide electricity required by the Haramain rail link, adding that the company is going to complete all required works and services by the end of 2012, Arabian Business reported.
Under the agreement, SEC will provide 600MV to the high-speed network, as well as powering the stations at King Abdullah Economic City (KAEC) in Rabigh and at Madinah.
The railway is 450 kilometers long and is going to connect the two holy cities of Makkah and Madinah with the port city of Jeddah. The railway design cost $37.9 million where British firms Foster and Partners and Buro Happold had won the contract to design and link the four railways.
An association led by Al Rajhi Group won the $1.79 billion contract to conduct civil works for the project.
A report issued by the Saudi Arabian General Investment Authority (SAGIA) said that the Kingdom would be investing $10 billion over the next 10 years in improving its transport infrastructure.
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