Gulf Today: Gulf Arab states are considering setting up a joint company to build a railway costing more than $ 14 billion linking the six oil producers, according to a study discussed by regional ministers. The railway will boost local and overseas tourism.
The 1,940-kilometre railway would connect Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates, each of which would contribute a share of the start-up capital, the Gulf Cooperation Council (GCC) said in a feasibility study.
"It is proposed that the ownership and funding of the GCC railway be through a jointly-owned railway company," read the study, due to be presented to Gulf finance ministers and foreign ministers at a joint meeting. "The contribution of each member state to the overall project would be represented through their shareholding in the company," read the document.
Diesel-powered trains operating at speeds of up to 200 kilometres an hour would carry passengers and freight between the six countries, which are in the process of forming a regional economic bloc, including a common market, customs union and single currency.
"The project will support other initiatives within the GCC member states towards customs and monetary union and trade facilitation," the document said.
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