UAE-based Advance Rail Group said on Tuesday it has formed a partnership with a major Saudi Arabia contractor to bid on more than SR3bn ($800m) worth of future rail opportunities in the kingdom.Advance and Saudi Arabia-based Al Rashid Trading and Contracting Company (RTCC) have signed an agreement to bid for railway projects that are part of Saudi Railway Company's (SAR) rail network.Advance's general manager Warwick Georgeson said in a statement that the partnership would be mutually beneficial for both companies.
"This strategic joint venture will ensure both parties capitalise on each other's strengths," he said. "ARG's decision to partner with RTCC was founded on their strong history in the kingdom and their successful completion of several high profile projects in the region."
Saudi Railway Company is currently prequalifying consortia for several railway opportunities in the country.RTCC is currently completing a contract in Saudi Arabia to construct 817 kilometres of SAR's 2,400km North-South Railway.Advance was formed in October 2010, when UAE based-Al Habtoor Leighton Group (HLG) joined forces with leading Australian rail contractor John Holland, to pursue an expected $75bn in rail projects within the GCC region.
HLG is a leading multi-disciplined international contractor in MENA and John Holland is Australia's largest rail construction and maintenance contractor and operator of railway networks in Australia.Laurie Voyer, HLG CEO and managing director and also an ARG shareholder, said: "This joint venture with RTCC to bid for some of these key railway opportunities will complement our already established business in Saudi Arabia.
"We have identified the kingdom as a strategic geographic region for our business and the market there is robust and sustainable with predominantly government-funded infrastructure works."
From / Arabian Business News