Al-Maiman was talking to reporters after signing a contract with Spain's CAF company valued at more than SR553 million. CAF will manufacture five passenger train sets for SAR and deliver them within two years. He said the project will be financed by the government either through issuance of sukuks, direct government funding from state budget or PIF.
Al-Maiman said the budget allocated for the project does not include compensation that will be paid by the Ministry of Finance for real estate expropriations.
He stressed major revenues of the project will come from cargo where some agreements have been signed with certain companies such as Aramco and agricultural companies for transportation of their products.
The signing of the passenger train sets followed signing of similar contracts for the construction of six passenger stations in Riyadh, Majmaa, Qasim, Hail, Jouf, and Quriyyat, to be completed and operational by 2014, Al-Maiman said. The five passenger train sets will form the first group of SAR passenger trains that will be increased in line with increased operation levels for customers in the future.
CEO of SAR Rumaih Al-Rumaih said the operational speed of trains will reach 200 km per hour and will provide maximum luxury and comfort for each passenger in terms of space and seats which are designed according to international standards.
He said the passenger train cars would also provide a variety of services in all classes including business and economy. Some train cars will be allocated for the transportation of passenger vehicles, he said.
