Orascom Construction PLC (NASDAQ Dubai: OC; EGX: ORAS) announces that it has signed, together with Siemens Mobility and Arab Contractors, a Memorandum of Understanding with the National Authority for Tunnels (NAT) to design, install and commission Egypt’s first high-speed rail system.
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 USD 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.
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.
Osama Bishai, CEO of Orascom Construction, commented, “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.”