Saudi Arabia’s planned 100-billion Saudi riyal ($26.61 billion) railway project linking the eastern and western parts of the Kingdom, also referred to as The Land bridge project, is currently in the financing stage, Arabic language financial website Argaam reported, citing Minister of Transport and Logistics Saleh Al-Jasser.

The project is designed in cooperation with a consortium led by a Chinese company, he said.

Elsewhere, the minister said the Land Bridge Project is one of the most important projects of the Kingdom’s transport strategy, Saudi Gazette reported, citing Al Arabiya TV.

In September, the minister said that the Land Bridge Project was witnessing increased progress and its implementation will start in the upcoming period.

In October 2018, local English language newspaper Saudi Gazette had reported that the Public Transport Authority (PTA) signed a memorandum of understanding (MoU) with the China Civil Engineering Construction Corporation (CCECC) for the Land Bridge project on the side lines of Future Investment Initiative (FII) in Saudi capital Riyadh. The project, to connect the Red Sea and the Arabian Gulf ports via the railways between Dammam and Riyadh, was estimated to cost $10.6 billion.

(Writing by D Madhura; Editing by Anoop Menon)

(anoop.menon@lseg.com)