DOHA: The Gulf Cooperation Council (GCC) member states, including Qatar, are estimated to invest over $200bn (over QR728bn) in establishing a wide-network of integrated railways across the region over the next few years.
“Over $200bn will be invested in over 40,000km of rail across the GCC. This provides a good environment to attract companies, manufactures, human resources and capital to the region,” said Dr Ahmed bin Mohammed bin Salim Al Futaisi, the Minister of Transport and Communications, Oman, at the “GCC Rail and Metro Conference 2015”, which opened yesterday in Muscat.
This massive investment is not only expected to create scores of additional jobs and protect environment in longer-run, but a long network of GCC rail is also likely to deepen socio-economic and political integration in the region.
Dr Al Futaisi said: “Our challenge will not just be in how to ensure the success of executing these projects from a technical and operational point of view, but on how to exploit the socio-economic potential of these massive investments so to ensure the multiplier effect into our economies.”
More than 500 representatives from 25 countries are attending the two-day conference along with top executives from Qatar Rail, Etihad Rail, Saudi Railways Organisation, Saudi Railway Company, and Oman Rail.
Hamed Al Bashri, Deputy CEO, Qatar Rail and many other executives are also attending the meet.
On the conference’s first day, participants shared progress on project development and localisation initiatives, and took part in dynamic panel discussions to address key issues, challenges and opportunities enabling effective private sector participation.
“The GCC rail project is one of a kind, ambitious and complex in nature,” said Dr Ramiz al Assar, Resident World Bank Advisor, GCC. “It will link six member states as a regional transport corridor, further integrating with the national railway projects, deepening economic social and political integration, and it is developed from a sustainable perspective.”
The Peninsula
