- The hiring of certain insurance and guarantees was the last step to start the project
The Ministry of Economy and Competitiveness, through the Secretary of State for Commerce and the Spanish Export Credit Insurance Company (CESCE), has formalized with the Spanish consortium awarded the AVE project Mecca – Medina the necessary insurance for the implementation of the most important project won in history by Spanish companies abroad.
The importance of what is formalized lies in the fact that it is the last step before starting the material execution of the project and the main demand of the Saudi Government for the start of the works. It arose at the request of the Ministry of Development and the Ministry of Economy and Competitiveness, represented by the Minister Ana Pastor and the Secretary of State for Trade, Jaime García-Legaz, who recently held a meeting with all the companies concerned in which they urged their representatives to speed up to the maximum the pending procedures for the launch of the project, and which have finally been formalized.
Specifically, CESCE has signed insurance for a total insured sum of more than 1,000 million euros: two surety insurance policies with Spanish exporters with a coverage of improper execution of guarantees with a percentage of 99% and for a total amount of 657.7 million euros (sum insured), and four surety insurance policies with Spanish banks with an average coverage percentage of 53.4% and for a total amount of 354.6 million euros (sum insured).
The Spanish-Saudi Consortium AlShoula Group, made up of the twelve Spanish companies Adif, Renfe, Ineco, Cobra, Consultrans, Copasa, Dimetronic, Imathia, Inabensa, Indra, OHL, and TALGO, and the Saudis Al Shoula and Al Rosan will build and The High Speed line between Mecca and Medina will operate for twelve years. The amount of the project, of 6,736 million euros, makes it the largest international contract won by Spanish companies.
The Mecca – Jeddah – Medina High Speed Line Project includes the design and construction of the superstructure and railway systems; supply of 36 high-speed trains designed for speeds of more than 300 km / h and option to purchase another 23 more trains during the period of operation and their maintenance; and the operation and maintenance of the line for a period of twelve years with the option of extension.
The project will have trains equipped with the latest signaling technology and communication systems. It includes the electrified double track high-speed route, designed for speeds of 320 km / hour UIC width, which will allow the travel time between Mecca and Medina to be carried out in less than 2 hours and 30 minutes. It is one of the safest high-speed railways in the world equipped with the most modern technology that guarantees a service of maximum safety and quality.
