The transport ministries of Bahrain and Saudi Arabia are on track to tender the transaction advisory contract for the King Hamad Causeway during March and April, according to sources with knowledge of the project.
Teams comprising financial, technical and legal firms are expected to bid for the contract.
MEED earlier reported that the selected transaction advisory team will undertake a detailed project feasibility study, which is expected to take up to six months to complete.
It is understood that the clients were aiming to tender the main contract to finance, develop and operate the scheme in December.
King Hamad Causeway will feature a 25km road and rail causeway in the same alignment as the existing King Fahd causeway. The railway segment will extend inland by another 21km into Saudi Arabia and 24km into Bahrain.
UK-based consultancy PWC completed a due diligence study for the project in cooperation with Canada-based SNC Lavalin last year.
Over 100 firms expressed interest to participate in the project as potential consultants and contractors in June last year.
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