icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Russia to participate in Saudi Arabia’s railway network expansion

Russia to participate in Saudi Arabia’s railway network expansion
The Russian Direct Investment Fund (RDIF), Russian Railways and the Saudi Railway Company have inked a joint agreement for the expansion of Saudi Arabia’s railway network.

The agreement was sealed as part of a visit to Riyadh by Russian President Vladimir Putin on Monday. It “aims to jointly expand the SAR (Saudi Railway Company) network and projects related to the ‘Vision 2030’ program, as well as the supply of components for SAR,” according to an RDIF press release.

The two sides will consider the “potential supply of Russian systems to strengthen safety, as well as fostering transfer of knowledge from Russian railways to Saudi Railway.”

Also on rt.com Russia’s sovereign fund eyes multi-billion dollar projects with Saudi Arabia

“The various financial and technological expertise from all sides will support the accomplishment of the ambitious tasks of modernizing the existing railway network, building new transport routes, and creating additional logistics opportunities for manufacturers and railway operators,” said RDIF CEO Kirill Dmitriev. “We look forward to working on the first projects in the near future,” he added.

The joint work of Russian Railways and SAR on infrastructure construction also aims to support the growth of trade through Middle Eastern transport routes, according to Dmitriev.

For more stories on economy & finance visit RT's business section