Sixteen major railway projects worth $352bn are underway in the Middle East and North Africa. Saudi Arabia has the largest expected investment in rail services, at $118.9bn, which includes projects like metro, tram, high-speed, and long-distance freight and passenger networks.
Qatar has planned investments worth $46.7bn, along with Algeria ($34.4bn), Egypt ($30.9bn), the UAE ($27bn) and Iran ($24.6bn). Oman, Kuwait, Iraq and Bahrain have investments ranging between $17bn and $12bn, the company said.
Saudi Arabia has largest investment, at an estimated $118.9 billion.
According to a report by the Institute of Chartered Accountants in England and Wales (ICAEW), Kuwait, Saudi Arabia, the UAE and Oman will likely see the biggest windfalls, with logistics forecast to contribute 13.6%, 12.1%, 11.7% and 11.7% to their respective economies by 2018.
With transport and logistics sectors playing an increasingly important role in the region’s economies, governments are now looking towards innovative technologies to boost economic sectors that will boost intra-regional trade and tourism activities.