The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Rail project seeks new funding lines

emarkets-04.gif

A proposed expansion of Saudi Arabia's rail system is set to be one of the biggest construction projects in the Middle East and should revolutionize freight distribution in the region.

UBS had only allocated a medium-size conference hall at its London offices for the launch of plans to build the first railway linking Saudi Arabia's major cities.

But there was standing room only by the time more than 200 bankers and contractors had piled into the bank, which, together with the Jeddah-based National Commercial Bank, is acting as adviser to the project, which conservative estimates suggest will cost $5 billion plus.

At present Saudi Arabia, though comparable in size to western Europe and among the world's 25 largest economies, has a modest 1,000km of railways, built between 25 and 50 years ago to link Riyadh and the east coast port of Dammam.

The first part of the 2,900km expansion would link the west coast port of Jeddah to Riyadh and there are plans for additional connections between Hazm Al-Jalamid, near the border with Jordan, and Riyadh, as well as between Makkah, Jeddah and Madinah. The old railway would be modernized.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree