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

January 18, 2021
real estate

The MoU covers the design, commission and installation of the railway for Egypt's National Authority for Tunnels

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 Simens 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.”


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