Saudi plans $79bn rail investment in 10 years
Saudi Arabia is set to invest $79 billion in key rail projects over the next 10 years as part of its nationwide transportation infrastructure expansion program which will feature one of the world’s most sophisticated rail and metro networks, said an expert ahead of a key rail logistics events.
The key events – Saudi Logitrans 2014 – The International Exhibition for Transport, Logistics and Freight, and Saudi Rail 2014 – The International Exhibition for Rail, Metro Lines and Urban Transportation – will be held from October 27 to 29 at the Riyadh International Convention and Exhibitions Center.
Leading players in the logistics sector will showcase the latest products, equipment, technologies and services and provide an effective networking forum.
Saudi Arabia’s infrastructure spending continues to surpass expectations, remarked Zeyad Al Rukban, the deputy general manager, Riyadh Exhibitions Company, the organisers of both the events.
The total value of logistics projects connected to such developments across the GCC is projected to reach $3.7 billion by 2015, stated Al Rukban citing data.
Last year GCC countries signed the biggest number of logistics contracts in the Middle East, fuelled by large investments, high consumer spending, and rapid economic growth, he added.
According to him, the magnitude and multi-modal scope of regional transport investment initiatives are creating huge opportunities for developers, contractors, transport facility operators and their related industries.
“The aggressive pace of transportation infrastructure development in Saudi offers a conducive environment for regional and international logistics service providers to establish and expand their presence here. By providing integrated supply chains, freight forwarding services and specialized warehousing zones, these organizations can in turn boost the Kingdom’s industrial growth,” stated Al Rukban.
“Saudi Logitrans 2014 and Saudi Rail 2014 will facilitate the development of this rapidly expanding sector and highlight the wealth of existing and future opportunities that the kingdom and wider GCC have to offer. It is an ideal platform to assess market needs and challenges as it will gather leading businesses and professionals from the industry,” he added.
The events are being organized under the patronage of the Saudi Ministry of Transport and Saudi Railways Organization. The Saudi Transport and Logistics seminars will be hosted concurrently.
They will provide a forum for key government decision makers, transportation bodies, port authorities and industry professionals to announce initiatives, formulate strategies, discuss the latest case studies, and exchange information on global best practices.