Prequalifying on Riyadh-Medina rail link set to begin early next year



A pre-qualification process for the long-delayed Riyadh to Medina rail link will start early next year, a project official said in Dubai on Tuesday.

“The pre-qualification bid will be between the first and the second quarter of next year,” said Bashar AlMalik, projects director at Saudi Railway Company. The rail between the two cities will extend 1,000 kilometres of double track — one for passengers and the other for cargo.

The rapid growth of the logistics sector in the region has spurred investment in railways, with major projects also planned in Oman and the UAE.

The initial budget for the project was 20 billion Saudi riyals (Dh19.57bn), however Mr AlMalik said that the budget could be revised. “Of course this budget was allocated around 10 years ago ... this budget will definitely be changed, but we cannot update until the design is completed, ” he said.

“We are planning to start the construction very soon, as soon as the detailed design is completed,” he added, declining to give a specific date for the commencement ofbuilding work. Construction of the project will take about four years from the start date.

However, one hurdle for the project is land appropriation.

“The land issue is one of the challenges that we face when we start execution. The process is lengthy and in many cases the owners don’t accept the compensation,” Mr AlMalik said.

selgazzar@thenational.ae

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Sunday, 10am, ICC Academy, Dubai - UAE v Scotland

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Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
 
 
 
 
 
 
 
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What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

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