Together, Greenbrier and SAR will establish a new multi-modal business centered on creating and maximizing existing and new rail routes for freight movement.
The Greenbrier Cos., Inc., Lake Oswego, Ore., and Saudi Railway Co. (SAR), Saudi Arabia, signed an agreement under which the parties will invest and generate $270 million investments in the Saudi rail industry. Greenbrier and SAR intend to establish a joint venture company in Saudi Arabia to execute railway projects and supply railcars for growth of the Saudi freight rail market.
Together, Greenbrier and SAR will establish a new multi-modal business centered on creating and maximizing existing and new rail routes for freight movement throughout the Kingdom, and ultimately, the Gulf Cooperation Council (GCC) region. The JV will invest in assets and infrastructure required to expand profitable rail service offerings to the Saudi market. Greenbrier will provide up to $100 million in new railcars, lift equipment and other terminal investment necessary to place railcars in revenue service, and will operate intermodal and other freight terminals. Meanwhile, SAR will provide the locomotives, rail access and service schedules to facilitate line haul services.