Samsung gains extra $250m of Riyadh Metro contract

Firm says it has taken a bigger share of FAST consortium package

NEWS, Business, Riyadh Metro, Samsung C&T

Samsung C&T has said that its share of the $8.05bn package 3 of the Riyadh Metro project is likely to be bigger than it initially envisaged.

The company is part ot the FAST consortium alongside Spain's FCC, Alstom, Strukton and Freyssinet Saudi Arabia, among others, delivering lines 4, 5 and 6 of the project.

It had initially valued its portion of the contract at being worth just below $2bn - or $1.972bn.

However, following the signing of a contract with the Arriyadh Development Authority it said that its portion is now worth over $2.22bn.

In a stockmarket filing, it said the increase was "due to the revision of its construction participation share among the consortium members".

The consortium is expected to employ up to 15,000 staff on its portion of the $23.5bn network. It is building 64.6km of the 176km of Metro lines - 29.8km of this will be on viaducts, 26.6km will be underground and 8.2km overground.

It is also building 25 of the 85 stations.

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