Orascom Construction in talks to set up monorail project in Egypt

The consortium, which also includes Arab Contractors and Canada’s Bombardier, is still in talks to establish two high-speed monorail lines

  
Image used for illustrative purpose. Workers are seen at the construction site of the new Weinbergtunnel railway tunnel for Swiss rail operator SBB in Zurich November 26, 2013.

Image used for illustrative purpose. Workers are seen at the construction site of the new Weinbergtunnel railway tunnel for Swiss rail operator SBB in Zurich November 26, 2013.

REUTERS/Arnd Wiegmann

Cairo –  Orascom construction Plc, listed on the Egyptian Exchange (EGX) and Nasdaq Dubai, is in negotiations with the Egyptian government to establish the 6th of October - new capital monorail project.

No agreement has been reached yet, the international engineering and construction contractor said in a statement to the EGX on Monday, responding to published reports stating that a consortium led by Orascom Construction PLC has been chosen to construct the 6th of October - new capital monorail.

The consortium, which also includes Arab Contractors and Canada’s Bombardier, is still in talks to establish two high-speed monorail lines with lengths of 52 kilometres and 42 kilometres.

During the first quarter of 2019, Orascom Construction logged a net profit of $33.7 million, compared to $35 million in the year-ago period.

Year-on-year, revenues slid to $705.6 million in the January-March period of 2019 from $756.8 million.

As for standalone business, the company turned into profits of $1.8 million in Q1-19, versus losses of $1.04 million in Q1-18.

Source: Mubasher

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