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Rail contracts worth US$434mn have been awarded throughout the Middle East and North Africa (MENA) region in Q1 2013, a report from business intelligence agency MEED has revealed
The value of the rail contracts has been estimated to be 17 per cent of the total US$2.55bn awarded in the transport sector overall in the MENA region in Q1 2013.
MEED said in the report, “The value is likely to increase further this year as contracts for plans to build more than 33,712km mainline routes and more than 3,000km monorail and tram are expected to be awarded in the second half of the year.
Edmund O’Sullivan, chairman of MEED Events, said, “These developments make the region one of the world’s fastest growing markets for rail projects, driven by population growth, economic development, growing urbanisation and ever-increasing traffic congestion throughout the region.”
MEED will present a definitive review of the ongoing rail projects as well as those still in the pipeline at the MENA Rail and Metro Summit in Abu Dhabi, which will be held in October this year.