Madrid Metro and engineering consultancy Ineco have formed a new partnership to chase rail consultancy contracts in South America and the Middle East.
Ministers said the joint venture is part of a two-year initiative to help more Spanish companies compete on the international stage.
Madrid Metro has said that the partnership will allow it to better compete with the likes of RATP and MTR, as it will be able to offer consultancy services on operational and maintenance issues as well as the infrastructure planning and delivery support already offered by Ineco.
Announcing the agreement, the two companies said they were looking at opportunities on urban rail projects in Riyadh, Tel Aviv, Doha and San Juan, Puerto Rico, in the hope of tapping into a market it says could be worth €500 billion in the coming years.
The partnership, which will run for at least the next three years, is a further expansion of Madrid Metro’s international business, which has seen revenue increase fivefold since 2009.