The rail system will have a network of 1000km
Orascom signs MoU to build Egypt’s first high-speed trains
Orascom Construction PLC (ORAS) and Siemens Mobility and Arab Contractor signed, a Memorandum of Understanding (MoU) with the National Authority for Tunnels (NAT) to design, install and commission Egypt’s first high-speed rail system.
The company clarified in a filing to the Egyptian Exchange (EGX) that the agreement encompasses a rail system with a network of 1000km. The first high-speed line will stretch across 460km and has an order value of around $3 billion. This initial line, which will also be operable for freight transport, will connect Ain Sokhna to Al Alamein while passing through the New Administrative Capital.
The company logged USD66.6mln profits in the first nine months of 2020, down from USD100.3mln during the corresponding period of 2019.
“This landmark project adds to Orascom Construction’s large portfolio of high-profile transportation projects, which includes monorail, light rail, railway and metro. It also reinforces the Group’s position as a leading partner on mega projects in Egypt,” it noted.
“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,” CEO of Orascom Construction, Osama Bishai, commented.
On Jan. 14, Egypt’s Ministry of Transport represented by the National Tunnels Authority signed a memorandum of understanding (MoU) with the German Company Siemens to implement an integrated system for the express electric train in Egypt, with a total length of about 1000 km at the level of the Republic, and at a total cost of LE 360 billion, with the immediate start of the implementation of the line that will connect Ain Sokhna to the New Alamein City through the New Administrative Capital.
The signing ceremony was witnessed by Prime Minister Mostafa Madbouli, and attended by Minister of Transport Kamel Al-Wazir, CEO of Siemens Joe Kaiser, and Executive Vice President of the company, Roland Bush.
The agreement was signed by President of the National Authority for Tunnels Essam Wali, and Managing Director of the company Michael Peter.
Al-Wazir added that the express electric train project (Ain Sokhna - El Alamein) is 460 km in length, and includes 15 stations, and that the designed speed of the train is 250 km / hour, and will contribute to linking the new administrative capital and the new cities to the railway network to transport passengers and goods through a fast, modern and safe means of transportation, as it will start from Ain Sokhna on the Red Sea coast to the new city of El Alamein, passing through the New Administrative Capital, Sixth of October City, the current Alexandria Railway Station and Borg Al Arab.