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
More Construction & Real Estate Stories
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract
- Abu Dhabi to host pool & spa expo
- ADCM unit secures $213m bridging loan
- Cluttons Dubai launches new luxury apartments
- Dubai developer Damac profits triple to $641m
- Dubai to start work on $544m water canal
- Dubai property market can absorb 25,000 units
- Jones Lang LaSalle renamed 'JLL'
- Aldar raises synergy estimate from Sorouh merger
- UAE industrial property sector keeps up growth
- Dubai residential property prices up 26pc
- Majid Al Futtaim to build new mall in Dubai IMPZ
- 300 firms to take part in Dubai property forum
- Naseej inks deal to develop Bahrain projects
- Dadabhai unveils new residential project
- Flowcrete completes Dubai Mall project
- Global asphalt demand hits new high
- $1.3bn infrastructure investment firm set up in Saudi
- Manara sees big project villa success
- Global giants eye RAK utility projects
- Cayan partners with international artist Zsuzsanna