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FINANCIAL NEWS
Siemens has USD2 b share in Riyadh metro contract
12 Oct 2013
(MENAFN) The German group, Siemens, said that its shares in a contract to supply trains for the Riyadh subway system is worth USD2 billion, Saudi Gazette reported.
The project involves six rail lines that stretch over 176 kilometers and carrying driverless electric trains. This metro rail system is expected to be the largest in the world.
In a statement, the Germany company said it would supply driverless trains, signaling technology and electrification systems for two of the six lines.
Saudi Arabia awarded the contract, worth a total USD22.5 billion, to three foreign-led consortia for the design and construction of the metro system in Riyadh.
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