The Saudi Arabia Minister of Transport and Logistics Services and the Chairman of the Saudi Railway Company (SAR), Eng Saleh bin Nasser Al-Jasser, has launched the Railway Industrial Opportunity Forum.
The forum has revealed its first batch of economic and industrial opportunities, with anticipated investment volume expected to exceed more than $266.5 million (SAR 1 billion).
The forum aims to expand partnership opportunities between the public and private sectors to develop railway infrastructure, according to the state-run Saudi Press Agency.
It also aims to open the market to new operators while increasing the participation of the private sector in the transportation of passengers and cargo.
The Saudi Minister also revealed expansion plans for the railways over the coming years, seeking to increase the length of railways over an additional 8,000 km in order to meet local and regional demands; to double the capabilities of transporting passengers and cargo; and to boost the efficiency of supply chains.
Eng Saleh bin Nasser also revealed that the SAR intends to focus on adopting modern technologies and advanced technological solutions in order to reduce the environmental impact of trains.
The forum was launched as part of a strategic partnership with Saudi’s National Industrial Development and Logistics Programme (NIDLP), along with the wide participation of local and international industrialists, and experts in the railway sector.
The forum marked one year of successful operations following the restructuring of the railway sector in the Saudi Arabia under the umbrella of the Saudi Railway Company (SAR).
The SAR – through its three grids spanning across more than 5,500 kilometres (including the North Train, East Train, and Haramain High Speed Rail) – managed to carry more than 33 million passengers and more than 70 million tonnes of minerals and goods over the past 10 years.
Hence, the SAR has offset more than six million trips on trucks, reflecting reduced accidents on roads and reducing the number of deaths by more than 50 percent during the past five years.
The forum also opened industrial opportunities in the manufacture of train cars, train wheels, engine spare parts, towing engines, and railways.
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