Announcement of the agreements made at the Future Investment Initiative 2018
Saudi Arabia has signed three key agreements worth almost US$14 billion in order to implement mega railway projects, according to reports.
The announcement of the agreements was made at the Future Investment Initiative 2018 in Riyadh, Saudi Arabia.
Saudi Arabian Minister of Transport Nabil Al Amoudi signed the first agreement which was worth around US$3.6 billion to implement the second phase of Haramain High Speed Train Project.
Saudi Arabia has made a concerted effort to develop its rail infrastructure in recent months after recently opening a new line linking Mecca, Jeddah, King Abdullah Economic City and Medina.
The new line spans a total of 450km and heralds a new era of rail transport in the GCC area.
Rail has long been missing in the Middle East due to hot climates upsetting the composition of rail tracks, however new designs mean Saudi Arabia has been able to push on and create new links between its major cities.
The cost of the new rail system is estimated to be around US$7.1billion.
Read more: Saudi King Opens New High Speed Rail System