ALKHARJ, 7 October — The Saudi Railway Organization has invited tenders from local commercial banks for the financial consultation contract for a proposed $2 billion railway expansion project, setting a Nov. 10 deadline for submissions.
Communications Minister Dr. Nasir Al-Salloum said that SRO expects private sector participation in both the financing and the running of the multibillion-riyal railway project.
A source told Arab News that the project will create three major lines: A 950-km line linking Riyadh station with Jeddah Islamic Port, a 570-km line via Jeddah linking Makkah and Madinah with an extension to Yanbu, and a 115-km third line linking Dammam with Jubail.
The contract includes restructuring the project to attract all necessary funds from the private sector and utilizing international expertise in the field (in addition to financial consultancy services) for the duration of the project.
The organization emphasized that banks bidding for the contract must conclude an agreement with an engineering consultancy office that has extensive experience in railway projects.
