The Saudi Samarra Contracting & Real Estate Investment Company has become the first private firm to invest in the facilities of the King Fahd Bridge.
Company sources have revealed that Samarra intends to invest 15 million Saudi riyals ($4 million) in the project, according to Al-Watan daily.
The company will also begin the construction of a number of on-site international restaurants over a 4,000 square meter area.
The 29 kilometer, four-lane land bridge is the second longest in the world, connecting Saudi Arabia with Bahrain. A desire to maximize the bridge’s revenues led to the decision to allow for private sector investments in it. A projected 30 percent rate of return is anticipated from the scheme, considering its unique location.
Over the past two years, the average number of passengers crossing the bridge daily amounted to 24,000, while an average of 30,000 passengers per day crossed the bridge during the first quarter of 2001. This figure is expected to rise during the second quarter of 2001, as the holiday season begins. –(MENA Report)
© 2001 Mena Report (www.menareport.com )