The transport minister of Saudi Arabia said Friday which opportunities are coming up for international investment within the country’s rail infrastructure.
“We have long-term public/private partnership (PPP) concessions which are in play. We are looking at restructuring some of our airports as well, allowing them to be privatized in addition to then the big one is actually railroading” Nabeel al-Amudi told CNBC.
Speaking at the earth Economic Forum (WEF) in Davos, Switzerland, al-Amudi said talks with major firms about two different types of contract for rail infrastructure have already been initiated.
“One is actually on the operation in addition to maintenance for existing lines, in addition to then some PPP agreements on fresh railways we want to build. Specifically the big one, the ‘landbridge’ between the west coast of the kingdom in addition to the east coast,” he said.
The Saudi Landbridge Project is actually a planned railway which will connect Jeddah on the Red Sea coast with Saudi Arabia’s capital Riyadh. the item is actually primarily aimed at transporting freight.
Al-Amudi said he expected the contracts to be announced within the next few months.
His comments come as Saudi Arabia continues with the transformation of its economy away via oil. The modifications are part of the kingdom’s raft of economic in addition to social reforms as part of its Vision 2030 program.
Vision 2030 is actually being overseen by Saudi Crown Prince Mohammed bin Salman in addition to centers on three main themes to build a “a vibrant society, a thriving economy in addition to an ambitious nation.”
A key part of the vision is actually to improve private investment in addition to the growth of the private sector, which Saudi Arabia hopes will contribute 65 percent of gross domestic product (GDP) by 2030.