£600m land bill for Saudi

City A.M. Reporter
SAUDI Arabia plans to spend about 3bn riyals (£600m) acquiring land in Riyadh to build the capital's first metro rail system, the official in charge of the project told Reuters.

“This is already budgeted and we are talking about 3 billion riyals compensation for the land to be acquired,” said Ibrahim Bin Muhammad Al Sultan, president of the Arriyadh Development Authority, the state body handling the project.

Last week the government awarded $22.5bn in contracts to three foreign-led consortia for the construction of the system.