SAR to expand Eastern and Northern train lines

Saudi Arabia Railways (SAR) kicked off the procurement process to triple passenger capacity on its 2.7 km Northern network to more than 2.4 mn seats, issuing a new tender for the design, manufacture, supply, and maintenance of 10 new trains, it said on X Saturday. Bids must be submitted by 11 May.

Why it matters: The Northern line is the backbone of the Kingdom’s mining and industrial corridor, connecting Riyadh, Qassim, Hail, Al Jouf, Al Majmaah, and Al Qurayyat. The capacity jump allows for a seamless workforce movement between the capital and these northern economic zones.

SAR is also manufacturing 10 additional passenger trains for the Eastern Line as part of its ongoing fleet modernization program, which includes new stations such as Al Zulfi, Saudi Gazette reports.

Dar Al Majed + Najran + Tadweer + 2P + First Fix secure debt

The Fundamental Installation for Electric Work (First Fix), the MEP arm of Red Sea International, secured a SAR 200 mn credit facility from Saudi Investment Bank, according to a filing to the bourse. The financing is backed by a SAR 200 mn promissory note alongside a series of corporate and personal guarantees from Red Sea International, MSB Holding Company, and key individual guarantors.

Pre-IPO funding: The facility — earmarked for performance and advance payment bonds — indicates First Fix is moving into the execution phase on major contracts ahead of its planned public listing.

Dar Al Majed Real Estate signed a SAR 500 mn shariah-compliant financing agreement with Alinma Bank to fund the development of new real estate projects, it said in a disclosure to Tadawul. The 10-year facility includes a three-year grace period and is backed by promissory notes.

Najran Cement obtained a SAR 50 mn, mid-term shariah-compliant loan from Saudi National Bank to finance the expansion of its subsidiary, it said in a disclosure. The five-year facility, repayable in semi-annual installments with a six-month grace period, is backed by a promissory note covering the full exposure.

ALSO:

  • Perfect Presentation for Commercial Services (2P) renewed a SAR 135 mn shariah-compliant credit facility agreement with Alinma Bank, it said in a Tadawul disclosure. The one-year facility, secured by promissory notes, will be utilized to support new project awards, manage invoice financing, and issue letters of guarantee and credit.
  • National Environment Recycling Company (Tadweer) secured a SAR 90 mn, 12-month shariah-compliant credit facility from Saudi Awwal Bank to support its working capital needs, also backed by a promissory note, according to a disclosure.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Tags: