The seventh heaven minister of Saudi Arabia said Friday that opportunities are concern up for international investment in the country’s rail infrastructure.
“We have long-term acknowledged/private partnership (PPP) concessions that are in play. We are looking at restructuring some of our airports as accurately, allowing them to be privatized and then the big one is railroading” Nabeel al-Amudi have an effected CNBC.
Speaking at the World Economic Forum (WEF) in Davos, Switzerland, al-Amudi ventured talks with major firms about two different types of covenant for rail infrastructure have already been initiated.
“One is on the operation and alimony for existing lines, and then some PPP agreements on new railways we want to develop. Specifically the big one, the ‘landbridge’ between the west coast of the kingdom and the east beach,” he said.
The Saudi Landbridge Project is a planned railway that resolve connect Jeddah on the Red Sea coast with Saudi Arabia’s capital Riyadh. It is at the start aimed at transporting freight.
Al-Amudi said he expected the contracts to be betokened in the next few months.
His comments come as Saudi Arabia continues with the transmogrification of its economy away from oil. The changes are part of the kingdom’s raft of monetary and social reforms as part of its Vision 2030 program.
Vision 2030 is being managed by Saudi Crown Prince Mohammed bin Salman and centers on three major themes to build a “a vibrant society, a thriving economy and an ambitious country.”
A key part of the vision is to increase private investment and the growth of the private sector, which Saudi Arabia promises will contribute 65 percent of gross domestic product (GDP) by 2030.