Jeddah-Jazan train link to spur growth

October 10, 2014

Jeddah, Oct 10: Businessmen and officials have welcomed the Saudi Railway Organization’s (SRO) plan to establish a 660-km coastal railway line between Jeddah and Jazan, saying it would boost the two regions’ economic, commercial and social development.

Jeddah-Jazan trainThe SRO recently signed a contract with an engineering consultancy firm to conduct a feasibility study on the project, including its cost, number of passengers, and amount of cargo to be transported.

The firm has completed the first phase of its study, which has taken into consideration the railway line’s designs. The new line will be established parallel to the international coastal highway that serves many major roads and the Jazan Economic City.

Mohammed bin Khaled Al-Suwaiket, SRO's chief, said the plan is to expand the Kingdom’s railway network. “We have drafted a strategic plan for railway expansion spanning 9,900 km and 19 railway lines,” he said.

He said the dual line between Jeddah and southern Jazan would pass Shuaiba, Al-Laith, Madhleef, Qunfudah, Amq, Barak, Qahma, Shuqaiq and Sabya. It would be linked with the landbridge project that connects Riyadh with the Red Sea port city.

Ali bin Mohammed Al-Garni, chairman of Qunfudah Municipal Council, said Saudis have been looking forward to this strategic project for a long time. “It will not only boost economic and industrial development of cities linked by the railway but also cut down on road accidents."

Shaikh Mohammed Rafik, chairman of Gammon Group, which is developing an industrial city in Jazan, said the new railway would encourage more foreign companies to invest in the industrial city, which is expected to draw investment worth SR75 billion and create 100,000 jobs.

“The industrial city will spur Jazan’s economic growth and bring about a face-lift for the region,” said Rafik. “We are now in the process of signing agreements with prominent companies from Canada, China, India, South Africa and Malaysia,” he said.

According to a study, the number of passengers on this route will increase from 1.13 million to 1.95 million by 2025 while cargo flow will jump from 1.8 million to 3.19 million tons.

Emad Al-Subhi, chairman of Al-Laith Municipal Council, stressed the railway’s role in accelerating economic and commercial growth, and providing safe public transport services.

“The project reflects the government’s long-term vision,” said Abdul Rahman Halawani, a Saudi businessman. “We hope the governors of Makkah and Jazan make this dream a reality to accelerate growth,” he said.

Abdullah Hubaily, a member of the Tourism Development Committee, described the railway as the best transport mode for a vast country such as Saudi Arabia. “Infrastructure projects such as railways will attract foreign capital and promote tourism.”

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January 12,2020

Dubai, Jan 12: Saudi Arabian oil giant Aramco announced Sunday that its initial public offering raised a record $29.4 billion, a figure higher than previously announced, after the company used a so-called "greenshoe option" to sell millions more shares to meet investor demand.

The company said that the sale of an additional 450 million shares took place during the initial public offering process.

The oil and gas company, which is majority owned by the state, began publicly trading on the local Saudi Tadawul exchange on December 11. It hit hit upwards of $10 a share on the second day of trading. This gave Aramco a market capitalization of $2 trillion, making it comfortably the world's most valuable company.

Aramco's additional sales mean the company has publicly floated 1.7% of its shares. It's IPO, even before the added sales, was the world's largest ever.

The shares sold in the over-allotment option "had been allocated to investors during the book-building process and therefore, no additional shares are being offered into the market today," Aramco said.

Company shares traded down on Sunday, dipping to around 34.7 riyals, or $9.25 a share, amid heightened tensions in the Persian Gulf between Iran and the United States. Aramco was a target of rising tensions over the summer when a missile and drone attack, which Saudi Arabia and the US blame on Iran, temporarily halved its production.

Sunday's trading figures value Aramco at $1.85 trillion, still well ahead of Apple, the second largest company in the world after Aramco, but below the $2 trillion mark sought by Crown Prince Mohammed bin Salman.

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News Network
May 18,2020

Abu Dhabi, May 18: Bollywood superstar Salman Khan has recorded a special message for Indian expats in the UAE as the country fights the coronavirus pandemic.

Khan - one of the biggest stars of Bollywood for decades - enjoys a large fan following in the Gulf, which is why Abu Dhabi roped in the actor to record a special video message for expats, urging them to cooperate with authorities in the capital and the country as they carry out sanitisation and testing programmes.

In the video, tweeted by the Abu Dhabi Media Office on Sunday night, the superstar appeals to Indians in Abu Dhabi to become heroes by staying home (stepping out for essential work/errands only), following precautionary measures and simply 'do the right thing' by getting tested if they have any Covid-19-related symptoms.

Khan, who has shot his recent super hit films (Race 3) in the capital, assured expats that Abu Dhabi authorities will not leave the community in these challenging times as it is a hospitable city who takes care of all residents.

"Following preventive measures also protects your family from the virus - so do the right thing as heroes do," Khan concludes.

The second phase of Abu Dhabi's sanitisation and testing in labour areas is underway, which started on May 16. Special testing facilities have been set up in the city for this purpose that test thousands of workers everyday.

As of May 17, UAE has confirmed over 23,000 cases along with over 8,000 recoveries and 220 deaths.

The country recently made a breakthrough in treating Covid-19 by using stem cells to help with the recovery.

The UAE leadership has thanked citizens and residents for their cooperation and assured that the country will take care of everyone in the country - with food and medicines being the red line, and that there will be no shortage of either during the crisis. Stimulus packages have been announced to help businesses stay afloat.

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News Network
April 25,2020

Riyadh, Apr 25: Saudi Arabia announced nine deaths and 1,197 new cases of the COVID-19 virus on Saturday.

Of these cases, 120 were recorded in Madinah, 364 in Makkah, 271 in Jeddah, 170 in Riyadh and 43 in Dammam.

The number of people who had recovered from the coronavirus in the Kingdom increased to 2,214 after 165 patients were reported to have recovered.

A total of 136 people have died of the disease in the Kingdom so far.

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