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Home / NEWS / Haramain phase two consortium obtains $811m loan

Haramain phase two consortium obtains $811m loan

by CW Staff on Jul 4, 2012


The Haramain station at Makkah, the most is expensive of the four, is being built at a cost $850m.
The Haramain station at Makkah, the most is expensive of the four, is being built at a cost $850m.

RELATED ARTICLES: Phase 2 of Al-Haramain Rail project imminent | Phase 1 of Haramain railway project 45% complete | Minister: Makkah Haramain station to cost $850m

RELATED ARTICLES: Phase 2 of Al-Haramain Rail project imminent | Phase 1 of Haramain railway project 45% complete | Minister: Makkah Haramain station to cost $850m

The Saudi-Spanish Al-Shoula consortium awarded the $8.5bn contract by the Saudi Railways Organisation (SRO) to build the high-speed Haramain rail link between the Hajj pilgrimage area and Jeddah has now obtained the $811m loan it needed to start the project.

The terms of the deal, which involved the support of the Spanish state-backed CESCE and ICO, were not disclosed, but the loan was syndicated through Spanish banks BBVA , Banesto, Banco De Sabadell and CaixaBank, as well as Spanish operations of Credit Agricole and Deutsche Bank.

The phase two link from Mecca and Medina to the Red Sea coastal city of Jeddah, an entry point for millions of pilgrims, will also link up with the King Abdullah Economic City that is currently under construction at the estimated cost of $50bn.

The contract covers the construction of 450km of high-speed track with the capacity to transport over 160,000 passengers a day, as well as the supply of 35 high-speed trains and a 12 year maintenance service after expected completion by the end of 2015.

The consortium includes Spanish public rail companies Renfe and Adif, private builders OHL, ACS and Indra , and Saudi companies Al Shoula and Al Rosan.

The news comes shortly after an official told Construction Week that phase one of the Haramain railway, linking between Makkah and Madinah project is now 45% complete, and is being held to the latest deadline of the 31st December 2014.

Phase one is being carried out by Al Rajhi Alliance, which is a consortium of China Railway Construction Corporation (CRCC), Al Arrab Contracting Company Ltd, and Al Suwailem Company.

“The design is almost 99.5% completed and approved. We have about 150 bridges, almost 130 already concluded and submitted to the contractor, with another 20 bridges under design,” said the official.

The railway line is ultimately expected to host trains running at speeds of up to 360km/h.

 



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