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FINANCIAL NEWS
Saudi USD10b coast-to-coast railway approved
11 Oct 2011
(MENAFN) Saudi Railway Organization announced the approval on a USD10 billion cost-to-coast railway project, Arabian Business reported today.
Saudi Railway Organization president explained that the project is a freight and passenger railway connecting Saudi Arabia’s western port of Jeddah with the eastern ports of Dammam and Jubail passing through Riyadh.
He also said that the project is aimed at transporting goods to the local and neighboring Gulf markets at lower costs, in addition to transporting passengers.
Saudi Press Agency reported that the Saudi cabinet approved the funding from the state-run Public Investment Fund and will solicit bids to build out infrastructure.
The 950km land-bridge project was originally offered as a Build Operate Transfer tender in 2007 but it was shelved after the financial crisis.
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