E-media: RIYADH – Three contracts amounting to SR2.39 billion were signed Tuesday to build Saudi Arabia’s 2,400-km North-South railway. The railroad will link the Kingdom’s rich bauxite and phosphorus mines in the far north with planned Gulf coast processing and export facilities at Ras Al-Zour on the Arabian Gulf. It is expected to be ready for freight transport next year. Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf, who is also the Chairman of the Board of Directors of the Public Investment Fund (PIF) signed the Saudi Railways Company (SRC) contracts with French defense group Thales and construction giant Saudi Binladin Group, China’s CSR Corp, and the US firm ElectroMotive. Finance Minister Ibrahim Al-Assaf said in a news briefing held at the Finance ministry, as reported by SG, that the contracts include leveling the ground and paving new lines in the Al-Nofoud desert.The project is progressing on schedule and will be concurrent with the completion of phosphate and bauxite facilities in Ras Al-Zour, he said. The entire project is estimated to cost a total of about SR13.125 billion ($3.5 billion) when complete in 2011-2012. Al-Assaf said costs and other details of primary plans for the project to link the Gulf Cooperation Council (GCC) states are still under consideration. The GCC leaders have given the project a preliminary nod.
Last Modified Date: 10/02/2013 - 4:57 PM Saudi Arabia Time
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