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.”
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
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