Jeddah municipality denies bank talks for transport funding

Jeddah’s municipality on Wednesday denied media reports that it was in talks with banks for a multi-billion dollar loan to finance the city’s public transport network.

No statement has been issued by the municipality or Jeddah Metro Company, a transport company owned by the government, in this regard, the municipality said in a statement.

The municipality is currently completing the regulatory procedures required for offering three projects under the public-private partnership (PPP) system.

The new investments, which include a tram line along Jeddah's northern corniche, a marine taxi service and Abhar bridge, will support Jeddah’s public transport project.

Jeddah's government was said earlier this week to be in preliminary talks with banks to help secure funding for a multi-billion dollar public transport network.