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FINANCIAL NEWS
SRO, CRCC sign USD23.76m contract to renew freight route
27 Aug 2014
(MENAFN) Saudi Railways Organization (SRO) has signed a contract for USD32.76 million with China Railway Construction Corporation Ltd (CRCC) to renew the first phase of the 78.4 km main freight between Dammam and Riyadh, Saudi Gazette reported.
The contract, which extends 21 months, mainly aims to enhance SRO’s operational capacity to be able to meet the growth of private sector’s demands for transportation by train.
With this contract, SRO hopes to increase its share in the freight market and emphasize the advantages of moving by train in terms of safety and security as well as significant benefits to the national economy.
‘This contract is part of SRO’s efforts made to upgrade and develop the efficiency of the existing railway network as well as meeting the new regulations to achieve the standards for the transport by train within the GCC,’ SRO’s CEO said.
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