A consortium (Al Shoula) - comprising 12 Spanish companies including OHL and Indra as well as two Saudi firms - which is building a high-speed rail link between Mecca and Medina has reached a preliminary deal with Saudi Arabia to finalise the works after a series of delays and setbacks, according to Spain's Ministry of Public Works. The Saudi government still has to ratify the agreement, a spokesman for the consortium said, but it would extend the construction period until March 2018, 14 months later than originally planned. Under the agreement, the state-owned Saudi Railways Organization is to pay the consortium EUR150mn in compensation for additional costs on the project, which is worth EUR6.7bn (USD7.11bn) in total. (Reuters)