Saudi Binladin wins $533m railway contract
Saudi Arabia's Public Investment Fund has awarded a SAR2 billion ($533 million, Dh1.95bn) railway signalling contract to Saudi Binladin Group, in a joint venture with France's Thales, according to Reuters.
The construction conglomerate received a letter of intent from the client in December for signalling and telecoms networks on the North-South Railway project, and is confident of signing the contract within days said the report quoting Meed magazine.
The contract will involve construction, infrastructure and maintenance work covering 1,600-1,800 kms of the railway, with work expected to begin in July and take up to three years to complete. Germany's Siemens was also bidding for the signalling contract, it said.
The North-South line will link the Al Jalamid phosphate mine and the Al Zabirah bauxite mine in the north with planned aluminium and fertiliser complexes at Ras Al Zour on the Gulf coast.
Follow Emirates 24|7 on Google News.