Saudi inks $613m rail contracts
Jeddah, January 7, 2012
Saudi Arabia signed three contracts worth SR2.3 billion ($613 million) on Saturday for the construction of maintenance service buildings and five stations to support its longest railway, the North/South railway, state news agency SPA said.
Saudi, which is spending billions to boost its infrastructure, is building its longest railway, over 2,700 km, which will link the capital Riyadh with the country's northern border near Jordan.
'The finance minister and head of the Public Investment Fund signed three contracts for the North/South railway, worth 2.3 billion riyals,' SPA said in a statement.
The project is financed by the state-run Public Investment Fund (PIF).
The largest contract, which is for the construction of five railway stations, has been signed with Saudi firm, Al Rashid Trading and Contracting Co. for SR1.57 billion.
The railway will also link Saudi Arabia's industrial city of Jubail and Dammam port to a network that connects to mining centers through Ras Azzour.-Reuters