GCC to invest over $200b in rail project

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Source: www.saudigazette.com.sa

JEDDAH — Over $200 billion will be invested in over 40,000km of rail across the GCC, Dr. Ahmed Bin Mohammed Bin Salim Al Futaisi, Oman Minister of Transport and Communications, said Sunday at the opening of the GCC Rail and Metro Conference 2015 in Muscat.

“This provides a good environment to attract companies, manufactures, human resources and capital to the region,” he noted.

“Our challenge will not just be in how to ensure the success of executing these projects from a technical and operational point of view, but on how to exploit the socio-economic potential of these massive investments so to ensure the multiplier effect into our economies,” he added.

Speaking at the conference Eng. Faris Saif Al Mazrouei, Acting CEO Etihad Rail, said “the market will get an extra sector in which to expand, providing opportunities for both the public and private sector. We are currently looking at the UAE, and are in stage one of testing and commissioning – things are moving ahead as planned.”  More info