JV to improve rail infrastructure in Saudi Arabia
Greenbrier and Saudi Railway Company (SAR) are establishing a joint venture in Saudi Arabia with the aim to create and maximize existing and new rail routes for freight movement throughout the kingdom and the Gulf Cooperation Council (GCC) region.
Based on achieving identified milestones, Greenbrier will provide the JV with up to USD 100 million in new railcars, lift equipment and other terminal investment necessary to place railcars in revenue service, and will operate intermodal and other freight terminals.
SAR will provide the JV locomotives, rail access and service schedules to facilitate line haul services. The JV has yet to be approved by the relevant authorities. (ben)