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Orascom-Siemens-Arab Contractors consortium inks MoU to build high-speed rail system

Orascom-Siemens-Arab Contractors consortium inks MoU to build high-speed rail system
The agreement includes the establishment of a 1,000-kilometre rail system
Orascom Construction
OC
0.19% 5.40 0.01

Cairo – Mubasher: A consortium comprised of Orascom Construction Plc, Siemens Mobility, and Arab Contractors signed a memorandum of understanding (MoU) with the National Authority for Tunnels (NAT) to design, install, and commission the first high-speed rail system in Egypt.

The agreement includes the establishment of a 1,000-kilometre (km) rail system, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The first phase of the rail line will extend for 460 km from Ain Sokhna to New Alamein City, passing through the New Administrative Capital at a value of around $3 billion.

On Thursday, the Egyptian Prime Minister, Mostafa Madbouly, witnessed the signing of an MoU between the Ministry of Transport’s NAT and Siemens for the establishment of a high-speed electric rail network.

During the first nine months of 2020, Orascom Construction Plc reported consolidated net profits of $66.6 million, compared to $100.3 million in the year-ago period, including minority shareholders’ rights.