Countries in the Middle East and North Africa are forging ahead with plans to establish a strong passenger and freight transport network with 16 major railway projects worth $352 billion currently underway in the region, according to Terrapinn Middle East, organiser of Middle East Rail.
“With current market conditions as they are, it’s a great opportunity for international rail suppliers to enter the market. Governments are now diversifying their resources, putting more emphasis on projects that are not oil-related,” said Jamie Hosie, project director of Middle East Rail.
“With transport and logistics sectors playing an increasingly important role in the region’s economies, governments are now looking towards innovative technologies to boost economic sectors that will boost intra-regional trade and tourism activities.”
According to and ICAEW Economic Insight Middle East report, Kuwait, Saudi Arabia, the UAE and Oman will likely net the biggest windfalls, with logistics forecast to contribute 13.6 per cent, 12.1 per cent, 11.7 per cent and 11.7 per cent to their respective economies by 2018. More info