Cairo – Mubasher: Elsewedy Electric Co announced that its consortium with the two Italian companies Saipem and Salcef has been selected to rebuild and rehabilitate the Abu Tartour-Qena freight railway line.

The consortium won the tender launched by El Wady for Phosphate Industries and Fertilizers (WAPHCO) to rebuild and upgrade the Abu Tartour-Qena cargo railway line, in addition designing an extension for a passenger and freight railway line to be connected to Hurghada through Safaga, according to a bourse disclosure on Tuesday.

Pre-contract negotiations will be held soon with the Egyptian National Railways (ENR). Any further details will be disclosed upon signing the contract, the company affirmed.  

It is noteworthy to mention that in 2019, the Egyptian firm reported net profits of EGP 4.163 billion, down from EGP 5.109 billion a year earlier.