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FINANCIAL NEWS
Saudi inks US613m 3 rail deals
08 Jan 2012
(MENAFN) Saudi state news agency SPA said that the Saudi finance minister and head of the Public Investment Fund (PIF) inked 3 deals worth USD613 million for the North/South railway, reported Emirates 24/7.
The agency added that contracts would include the construction of maintenance service buildings and 5 stations to support the country’s longest railway, which would connect the capital Riyadh, with the country’s northern border near Jordan.
It also said that the project, which is funded by PIF, would also aim at connecting the country’s industrial city of Jubail and Dammam port to a network that links to mining centers through Ras Azzour.
It is worth noting that the contract for the construction of 5 railway stations was inked with Al Rashid Trading and Contracting Co., a Saudi firm, for USD418 million.
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