The Spanish Mecca - Medina High Speed Consortium, chaired by Pablo Vázquez, resident of Ineco, has issued the initial guarantees necessary to start-up the project through the bank syndicate formed by Banco Bilbao Vizcaya Argentaria (BBVA), Banco Español de Crédito (Banesto), Banco de Sabadell, Crédit Agricole CIB, Spanish Branch, CaixaBank and Deutsche Bank, SAE. Worth around €664 million, this is a key step to begin the Haramain High Speed Railway Phase II project, signed on 14 January 2012.

The guarantees were issued under a syndicated framework for international guarantees signed through a multi-jurisdictional scheme and has been delivered to the Saudi Railways Organisation, the railway authority in Saudi Arabia. This signing is a joint success for the consortium companies, the banks and the public authorities, who have worked together for several months on its implementation.

The Mecca - Jeddah - Medina High Speed line project includes the design and construction of the superstructure and railway systems, supplying 36 high speed trains designed for speeds of up to 300 km/h, the option to purchase a further 20 trains during the operation and maintenance period, and the operation and maintenance of the line for a period of twelve years, with an option to extend this period.

Ineco is the consortium company responsible for drafting and managing the basic and constructive projects of the superstructure (electrification,overhead lines, etc.), as well as environmental projects, technical assistance, etc. During the operation phase, Ineco and Consultrans shall conduct the demand and market, economic-financial, pricing policies and service quality studies.