| 09 Jul 2008 |
|
Saudi appoints firm to establish and operate $5b railway project
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JEDDAH - The council of ministers on Monday licenced a joint stock company to establish and operate the estimated $5 billion east-west railway (land bridge) project, according to the Saudi Press Agency (SPA), which quoted Economy and Planning Minister and acting Information Minister Khaled Al Gosaibi.
The cabinet meeting, chaired by Crown Prince Sultan, said the new company would "establish, develop, operate and maintain the railway linking the kingdom's east with its west... transport passengers and goods and carry out other related activities."
Jabara Al Seraisry said the land bridge project would be completed in four years and Abdul Aziz Al Hoqail, president of the Saudi Railway Organisation (SRO)Saudi Railway Organisation (SRO), said the winner of the contract would be announced this year. The consortium that wins the project will have an 80 per cent stake in the company, while the government will hold 20 per cent.The project involves the construction of 950km of new railway track between Riyadh and Jeddah, and another line between Dammam and Jubail. It is the cornerstone of a massive multi-billion-riyal railway expansion project and will be the first rail link between the Red Sea and the Gulf. Four consortia - Agility PWCAgility PWC
Logistics Consortium, Mada Consortium, Saudi Bin LadinSaudi Bin Ladin Consortium and Al MuhaidibAl Muhaidib / ACWAACWA (Tarabot) Consortium - have presented their financial and technical offers for implementing the project.The cabinet meeting also decided to establish a centre at the Institute of Public Administration to assess the performance of government departments and agencies. At a later stage it will be separated from the institute and brought directly under the prime minister.
(By our correspondent)
© Khaleej Times 2008
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