France's Alstom to build US$1.5 billion Baghdad metro
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Mon May 30, 2011 11:04 pm

IRAQ. A five-year project for French engineering group Alstom to build an above-ground urban metro line in Baghdad will cost $1.5 billion and be funded by the French government and banks, Iraqi officials said on Monday.

The planned line, with a capacity to carry 30,000 passengers an hour, will have 22 km (13 miles) of track and 14 stations linking northern Baghdad districts with the city centre, the Baghdad provincial governor's office said in a statement.

It would help to ease congestion in the war-battered Iraqi capital, whose many military checkpoints cause traffic jams.

France's Alstom signed a memorandum of understanding for the deal in January.

A follow-up agreement signed in Baghdad on Monday paved the way for French financing for the project.

"The company has obtained agreement from several French banks and the French government to implement this project," Shaker al-Zamili, head of the Baghdad Investment Commission, told Reuters.

A final accord on the Baghdad metro project would have to be approved by the Iraqi cabinet, he added. The loan would be repaid by Iraq after the railway started operating, through a mechanism yet to be determined, Zamili added.

Railways are among a number of large-scale infrastructure projects proposed by OPEC producer Iraq since a 2003 U.S.-led invasion toppled Saddam Hussein and triggered several years of chaos and sectarian violence.

In June, Iraq's southern city of Najaf awarded TransGlobim International (Globim), a privately-owned Canadian consortium, a US$600 million contract to build the country's first monorail.

Iraq's roads, railways, ports and power plants have been badly decayed by years of war, economic sanctions and underinvestment.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: September 1, 2014
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
date:Posted: September 1, 2014
SAUDI ARABIA. Consumer spending also remained robust; Non-oil exports rebound owing to greater production of petrochemicals and plastics.
date:Posted: September 1, 2014
INTERNATIONAL. Oil markets since 2011 have become less price sensitive to actual supply disruptions, especially to those geopolitical events that have taken place since the Arab Spring.
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
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