MEED reported that Saudi Arabia's Council of Ministers has licensed the establishment of a joint stock company to oversee the USD 5 billion Saudi Landbridge project.

According to the report, the Saudi Land Bridge Company will take over as the client on the project from the Saudi Railways Organization, once the winning consortium to develop the rail link is named later this year.

Riyadh has set up the new company to lead the project as a result of a conflict of interest arising from the SRO's position as both client and the owner of an existing stretch of track between Riyadh and Dammam. The SRO staff who had been working on the landbridge project will join the new company.

The report added that the Tarabot Consortium, led by Arabian Company for Power and Water Development, has been named as preferred bidder for the project, which will link Jeddah on the west coast with Dammam to the east through Riyadh.