Samsung C&T expects $1.9b from Saudi subway contract
Samsung C&T, the construction arm of Samsung Group, said yesterday it will receive 2.2 trillion won ($1.9 billion) to build three subway lines in Saudi Arabia.
The company said it formed a consortium with Spain’s FCC, Netherland’s Strukton and France’s Alstom and won a part of a Riyadh Metro project.
The consortium will construct lines 4, 5, and 6, which span 64.5 kilometers (40 miles), and 27 subway stations.
Construction will begin as soon as this quarter and be completed by 2018, according to Samsung C&T.
The project is part of Saudi Arabia’s plan to build a 176-kilometer subway system consisting of six lines and 87 stations at a cost of $22 billion,