Saudi Arabia: ‘Dream of the Desert’ Train to Start Trips in Q4 2025

“Dream of the Desert” train, the first of its kind in the region (Asharq Al-Awsat)
“Dream of the Desert” train, the first of its kind in the region (Asharq Al-Awsat)
TT

Saudi Arabia: ‘Dream of the Desert’ Train to Start Trips in Q4 2025

“Dream of the Desert” train, the first of its kind in the region (Asharq Al-Awsat)
“Dream of the Desert” train, the first of its kind in the region (Asharq Al-Awsat)

The Saudi Railways (SAR) signed an agreement with Italy’s Arsenale group on Thursday to launch the “Dream of the Desert” luxury train, with 40 luxury cabins worth $53.3 million.

The CEO of Saudi Railways, Bashar al-Malik, and Chairman of Arsenale’s Board of Directors Paolo Barletta signed the 25-year agreement under the patronage and presence of the Minister of Transport and Logistics, Saleh al-Jasser.

The train will be scheduled for reservations at the end of this year, and actual operation will begin in Q4 of 2025.

The first stage of the route will be from the al-Shamal train station in Riyadh, passing through Hail and ending at al-Qurayyat train station.

The Saudi minister indicated that launching these luxury services on trains for the first time in the Middle East and North Africa region will introduce quality services and additional mobility options within the Kingdom.

Jasser pointed out that this agreement is one of the National Strategy for Transport and Logistics initiatives to improve the quality of life and support leading national strategies.

He highlighted the government’s support for transport and logistics, enabling the sector to achieve its service and development projects and initiatives.

The minister lauded the effective cooperation and joint integration between the system and various stakeholders in developing transportation patterns and enhancing the beneficiary experience.

SAR’s CEO emphasized the commitment to its pioneering national role in implementing qualitative initiatives emanating from the company’s strategy linked to the National Strategy.

He highlighted that introducing the “Dream of the Desert” significantly enhances the company’s services, presenting a crucial tourist and entertainment option for its customers.

The train will allow visitors and residents of the Kingdom to explore various regions within an integrated framework of luxurious transportation services, said Malik.

The Chairman of Arsenale stated that the initial production stages of the luxurious train had recently begun in Italy in preparation for entering service according to the announced plan.

Arsenale is a multi-brand company that develops and manages luxury hospitality and lifestyle assets. It develops luxury hotel concepts and works on sustainable projects for luxury services via tourist trains through a fleet of six trains operating in Italy.



Sri Lanka's Bondholders Sign Off on $12.55 Bln Debt Overhaul

FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo
FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo
TT

Sri Lanka's Bondholders Sign Off on $12.55 Bln Debt Overhaul

FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo
FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo

Sri Lanka's bondholders signed off on the government's proposal to restructure its $12.55 billion of international bonds, a key step in finalizing the island nation's debt overhaul.

Final results showed holders representing 97.86% of the outstanding principal on the existing bonds voted in favor of the plan, which will swap Sri Lanka's defaulted bonds for a series of new fixed income instruments, the government said in a statement dated Dec. 16.

Sri Lanka defaulted on its foreign debt for the first time in May 2022 due to its high debt burden and dwindling foreign exchange reserves.

With the finalizing of the bond exchange, Sri Lanka will become the fourth country to conclude a restructuring of its bonds this year, following in the footsteps of Ghana, Ukraine and Zambia, Reuters reported.

The South Asian island nation's new instruments include a governance-linked bond, which offers a 75-basis-point reduction in the interest rate payable if Sri Lanka meets certain governance targets, and several bonds linked to economic performance.

A breakdown of the data showed investor support across all bar one of the bonds - the 2022 maturity - passed the threshold required that would see the whole bond swapped out in its entirety for the newly created instruments.

In the 2022 bond, which does not feature so-called aggregated collective action clauses, holders representing just 73.13% voted in support of the proposal.