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Saudi Arabia to spend SR365bn on railways by 2040
- Saudi Arabia: Monday, December 17 - 2012 at 00:53
According to a report by the National Commercial Bank (NCB), Saudi Arabia is to invest about SR365bn in railway infrastructure by 2040, Arab News has reported. The kingdom's growing economy, on the back of high oil prices, has led to heavy investments in railway infra-structure, the report said. Nominal GDP for the transport and communication sector grew at a CAGR of 9% between 2002 and 2011. In 2011, the sector's nominal GDP was valued at SR69.8bn, accounting for 3.23% of total nominal GDP. In 2014, this is expected to reach SR90bn, or 3.63% of total nominal GDP, NCB said.
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