May 8, 2018 / 10:11 AM / a year ago

GIB Capital to advise on first stage of Jeddah transport project

DUBAI (Reuters) - Bahrain-based Gulf International Bank’s investment banking arm has been hired by the Saudi city of Jeddah as a financial adviser on a bridge project, the first stage of a larger multi-billion-dollar public transport network in the city.

GIB Capital will advise on the Obhur Creek Bridge project, which will span around 360 meters in length and carry eight lanes of traffic and a metro line, and be located next to the King Abdulaziz International Airport.

The mandate was disclosed by sources and later confirmed on the local government’s Twitter feed.

The larger project encompasses a metro, light rail, tram, rail, local bus and marine transportation.

The government is on a drive to engage the private sector in sectors of the economy including transport, healthcare and industry to ease pressure on state finances.

Proposals for the bridge project were originally unveiled in 2014 when the plan was for it to be government funded.

Editing by Louise Heavens

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