Dubai-listed Orascom signs $3bln deal for 1,000km Egypt rail system.

Orascom Construction has signed a memorandum of understanding (MoU) for a 1,000-km high speed rail system for Egypt. The MoU was signed together with Siemens Mobility and Arab Contractors with Egypt’s National Authority for Tunnels (NAT) for a 1000km rail system.

The initial 460-km line, designated for freight as well as passenger transport between Ain Sokhna, Gulf of Suez, and Al Alamein on the Mediterranean coast, holds an order value of $3 billion, the company said.

Orascom Construction, listed on NASDAQ Dubai and the Egyptian Exchange, has monorail, light railway and metro projects in its existing portfolio, the company said in a statement to NASDAQ Dubai.

Osama Bishai, CEO of Orascom Construction, said: “We continue to build on our track record as a major player in the transportation sector.“Following our joint success with Siemens on Egypt’s mega power projects, we are pleased to partner once again with our long-term repeat partner.

“This project will connect distant parts of Egypt in a sustainable manner while contributing to the infrastructure and economic development of the country.”

Source: Zawya

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