Al-Tuwairqi Group will soon get the equipment it needs for its rail production plant at Dammam, according to a source close to the deal.
“We are in the final stages of negotiations for equipment supply,” says the source. “We are close to finalising the agreement and expect a decision to be made within the next three months. Construction will start immediately afterwards.”
The project is valued at $450m and will take two years to complete.
Germany’s SMS Meer and Italy’s Danieli are both in discussions with al-Tuwairqi to secure the contract to supply the equipment.
Al- Tuwairqi will build the plant.
The Dammam plant is the first rail manufacturing plant in the GCC and will have a production capacity of 30,000 tonnes a year.
With a number of large-scale rail projects underway in the region, demand for track is huge.
You might also like...
Rainmaking in the world economy
19 April 2024
Oman receives Madha industrial city tender prices
19 April 2024
Neom seeks to raise funds in $1.3bn sukuk sale
19 April 2024
Saudi firm advances Neutral Zone real estate plans
19 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.