RIYADH, 22 September 2007 — The four consortia which have qualified to apply to expand and upgrade the Kingdom’s railway network under the Saudi Landbridge project, will put forward their proposals for the scheme to the Saudi Railways Organization (SRO) this November. The project will include the development of a 950-kilometer railway from Jeddah to link with the existing Dammam-Riyadh route. The four groups include the Agility Logistics consortium, the AlMuhaidib/ACWA consortium, the Mada consortium and the Saudi Binladin consortium.
Arcapita to Develop Apartments in Poland
Walid Mazi, Arab News
MANAMA — Bahrain-based Arcapita Bank and Spanish property developer Layetana Developments have agreed to jointly build apartments in Poland. Both will build about 1,500 apartments in the Mokotow and Zoliborz districts in Warsaw for a total development cost of $410 million. Equity for the projects will be provided by Arcapita and Layetana’s development fund. Finance for the Mokotow project is being provided by KBC Bank and a financing facility for Zoliborz units will probably be put in place in October.
Jordan Sells 51% Stake in CEGCO
Abdul Jalil Mustafa, Arab News
AMMAN — The Jordanian government yesterday sold a 51 percent stake in the Central Electricity Generation Company (CEGCO) to Enara-Arabia for Energy, a subsidiary of Jordan-Dubai Capital, for $320 millions. The Jordan-Dubai Energy Company, the investment arm of Jordan-Dubai Capital in the energy sector, established the Enara-Arabia for Energy in order to start investments in the field of energy in Jordan. The Privatization Commission Director Mohammad Abu Hammour said the deal highlighted the importance of the privatization program’s role in the enhancement of partnership between the public and private sectors.