عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Kuwait Plans to Tender $1 Billion National Rail Road Project this Year

The contract is expected to have an estimated value of KD300m ($973m) 
The contract is expected to have an estimated value of KD300m ($973m) 
TT
20
TT

Kuwait Plans to Tender $1 Billion National Rail Road Project this Year

The contract is expected to have an estimated value of KD300m ($973m) 
The contract is expected to have an estimated value of KD300m ($973m) 

Kuwait’s Public Authority for Roads and Transportation aims to tender the Kuwait National Rail Road project before the end of this year.

The MEED magazine said the contract is expected to have an estimated value of KD300m ($973m).

It said the scope of the main contract will include civil works, the installation of tracks and the provision of trains.

On January 23, the Central Agency for Public Tenders in Kuwait has awarded the design contract for the country’s railway project to Turkish engineering and consulting firm Proyapi.

The agency explained that the first phase of the project will focus on providing detailed design services and preparing tender documents. This initial phase is set to last for 12 months, after which the tender for the construction phase will be launched.

The Kuwait railway project, which is part of the broader Gulf Cooperation Council (GCC) railway network, is expected to be completed by 2030.

The 111-kilometer rail track will connect Kuwait to Saudi Arabia, with Kuwait serving as the northern station. The passenger station will be located in the Shadadiya area, covering 2 million square meters.

Once completed, the Gulf railway network will span 2,177 kilometers. It will link Kuwait City in the north to Oman in the south, passing through several other Gulf countries.

 

 

 

 

Most Viewed

 
Business

Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
TT
20
TT

Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)

Egypt's cabinet approved a 4.6 trillion Egyptian pound ($91 billion) draft state budget for the financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an IMF program.

Expenditures will rise by 18% and revenue by 19% over the current 2024/25 budget. Revenue is expected to hit 3.1 trillion pounds, working out to a deficit of about 1.5 trillion pounds ($30 billion).

The increased expenditure partly reflects elevated headline inflation, which was running at an annual 12.8% in February.

Financial reforms under an $8 billion financial reform program signed in March 2024 with the International Monetary Fund have helped Egypt bring inflation down from a peak of 38% in September 2023.

The IMF this month approved the disbursement of $1.2 billion to Egypt after its fourth review of the program.

The new budget targets a primary surplus of 795 billion pounds, equal to 4% of GDP, up from the 3.5% primary surplus originally targeted in the 2024/25 budget.

The IMF granted the government a waiver in the fourth review after the surplus came in 0.5% of GDP lower than Egypt's earlier commitment.

In its third review in June, the IMF praised Egypt for its "strict control of spending".

The new budget also lowers public debt to 82.9% of GDP from an expected 92% in 2024/25, the cabinet statement said.

The cabinet said 732.6 billion pounds in spending in the new budget would be allocated for subsidies, grants and social benefits, an increase of 15.2%.

The budget increases commodities and bread subsidies by 20% to 160 billion pounds. It will also include 75 billion pounds to subsidize petroleum products, 75 billion pounds to subsidize electricity and 3.5 billion pounds to subsidize natural gas deliveries to households, the statement added.