Saudi seeks financing for Jeddah transport network
The government of Jeddah is looking to secure funding for a multi-billion dollar public transport network
The government of Jeddah is looking to secure funding for a multi-billion dollar public transport network, sources say.
Government owned Jeddah Metro Company is expected to make a formal invitation in the coming weeks to banks and other companies to register their interest in acting as a financial adviser for the project, according to Reuters.
The project will include a metro, light rail, tram, rail, local bus, marine transportation and a 2 km-long bridge, spanning more than 800km (500 miles), the sources said.
It has also been said that the network would likely be developed under a build-operate-transfer contract, which would enable private investors to finance and build the project and then operate them for a period of time before eventually transferring ownership to the government.
Tendering for the first phase of the Jeddah metro project was due to start in 2015, but was delayed due to tightening budgets in the kingdom as a result of low oil price.
French Sistra Company had been nominated in 2015 for consultation on engineering designs for the project with the pre-program management consultancy contract awarded to AECOM.