September 21, 2010 / 12:46 PM / 8 years ago

Saudi Electric obtains $480 mln gov't rail contract

RIYADH, Sept 21 (Reuters) - Power utility Saudi Electricity 5110.SE obtained a 1.8 billion riyals ($480 million) contract from its main shareholder, the Saudi government, to connect a planned high-speed rail link to its grid.

Under the contract, awarded by the finance and transport ministries, the Gulf’s biggest utility by market value would also provide electricity to stations along the 300-mile-long railway link between Madina and Mecca, home to the Islam’s holiest shrines, the official SPA news agency said.

The link aims to cater to some 4 million pilgrims who visit these shrines each year. (Reporting by Souhail Karam; Editing by Dinesh Nair)

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