Saudi government has signed three landmark agreements worth nearly $14 billion for implementing mega railway projects on the sidelines of the Future Investment Initiative 2018 in Riyadh, said a report.
Minister of Transport Nabil Al Amoudi, who is also chairman of the Board of the Public Transport Authority (PTA), signed the first agreement worth $3.6 billion, with the Saudi-Spanish alliance, for implementing the second phase of Haramain High Speed Train Project, reported The Saudi Gazette.
The alliance is operating the Haramain project for the last 12 years, it stated.
Another major deal signed at the FII 2018 was for the implementation of the $10.6 billion Land Bridge project, aimed at linking the Red Sea and the GCC ports via the railways between the Saudi cities of Dammam and Riyadh, said the report.
The third agreement, worth $267 million, was inked between Saudi Railway Company and the Green Bakery Corporation for the manufacturing of freight cars in the kingdom, it added.