Deutsche Bahn signs $26B Qatar railroad deal

AP News
Posted: Nov 22, 2009 7:17 AM

An investment company owned by Qatar's sovereign wealth fund has signed a $26 billion (euro17 billion) joint venture with Germany's national railway operator to build a railroad network in the natural gas-rich Gulf sheikdom.

Qatari Diar Real Estate Investment Company and Deutsche Bahn AG will develop a metro system in Qatar's capital, a national railroad network for passenger and freight traffic, and a long-distance connection to neighboring Bahrain.

The project will take about 15 years to complete.

The deal was signed on Sunday in Doha by Qatari Diar's chief executive and managing director Ghanim Bin Saad al-Saad and Deutsche Bahn's chairman and chief executive, Ruediger Grube.