Assaf, Minister of Finance and Chairman of the Board of Directors of the Public Investment Fund, Saturday signed three contracts worth more than SR2.3 billion for the 2,400-km North-South Railway Project. The Saudi Arabian Railways project includes setting up five passenger stations, a maintenance workshop complex and 36 support buildings. The North-South railroad will link the Kingdom's rich bauxite and phosphorus mines in the far north with planned Gulf coast processing and export facilities at Ras Al-Khair on the Arabian Gulf. It is expected to be ready for freight transport this year. Following the signing ceremony, Dr. Al-Assaf said work on the North-South project is being done on a fast track. Already, Al-Assaf said, work on the 1,393-km mining railway, which links phosphate mines in Hazm Al-Jalameed with manufacturing zones in Ras Al-Khair, has been completed. The entire project — including passenger transport — is estimated to cost a total of about SR13.125 billion ($3.5 billion) when completed this year. The minister commended King Abdullah, Custodian of the Two Holy Mosques, and the Crown Prince for their care and support for this important strategic project that will enhance the means of transportation and communication between different regions of the country.
