Arab Finance: Elsewedy Electric (SWDY), along with Germany’s Deutsche Bahn International Operation (DB IO), has signed a term sheet with the National Authority for Tunnels (NAT) for the operation and maintenance of high-speed network projects in Egypt, according to an emailed press release on August 16th.
The term sheet was signed on August 15th in Alamein City in the presence of Minister of Transport Kamel El-Wazir, Chairman of NAT Sherif Lail, President and CEO of Elsewedy Electric Ahmed Elsewedy, DB ECO’s Group CEO Niko Warbanoff, and Chief Innovation Officer at Elsewedy Electric Emad Ghaly.
The high-speed network project will consist of three lines; the 660-kilometer green line to run between Ain Sokhna, El Alamien, Marsa Matrouh; the 1,100-kilometer blue line to link Greater Cairo with Abu Simbel; and the 225-kilometer red line to connect Luxor with Hurghada and Safaga harbor.
It is worth noting that DB IO is the world’s leading operator of transport solutions, with operations in 130 countries.
Elsewedy Electric is a leading integrated energy solutions provider in Africa and the Middle East, with a portfolio covering all traditional and renewable energy areas along with related services.