GLOBAL MARKETS: Saudi to issue rail tenders
Egypt’s central bank governor, meanwhile, says inflation has peaked
Saudi Arabia plans to seek bidders for the construction of a 1,600km railroad linking the Red Sea with the Persian Gulf as early as the end of this year. This signals the go-ahead for a long-delayed project seen as vital for reducing the economy’s dependence on oil. Contract tenders will be issued at the end of 2017 or early in 2018, following an encouraging response to an invitation for expressions of interest, Saudi Railway CEO Bashar Al Malik says.
Egypt inflation ‘has peaked’
Egypt’s central bank governor, Tarek Amer, says inflation in the most populous Arab country has reached an upper limit, indicating that the price shocks following the decision to float the currency last year are subsiding.
"We are in the right direction and we are moving very fast," Amer says. "We’ve been aggressive in our monetary policy, and this has been resisted a bit." He adds: "But we thought it was important so we could get our shop fixed very quickly."