Russian Railways Chief Executive Oleg Belozerov, CEO of the Russian Direct Investment Fund Kirill Dmitriev and Saudi Railway Co CEO Dr Bashar Al Malik have signed a co-operation agreement in Riyadh, the Russian Direct Investment Fund reports.
The agreement between the parties is primarily focused on jointly participating in expanding Saudi Rail network projects related to the Vision 2030 program, including meeting the supply needs of railway products for SAR.
The parties will consider the potential supply of Russian systems to strengthen safety, as well as fostering transfer of knowledge from Russian railways to Saudi Railway.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said: «RDIF is pleased to cooperate with Russian Railways and SAR on the construction of infrastructure to provide support for the growth of trade via Middle Eastern transport routes. The various financial and technological expertise from all parties will support the accomplishment of the ambitious tasks of modernizing the existing railway network, building new transport routes, and creating additional logistics opportunities for manufacturers and railway operators. We look forward to jointly commencing work on our first projects in the near future».