Siemens Signs $8.7 Billion Deal for Egypt's High-Speed Rail
May 30 2022 - 3:16AM
Dow Jones News
By Ed Frankl
Siemens AG said Sunday that it has signed the largest order in
its history in a contract for Egypt's high-speed rail system worth
as much as 8.1 billion euros ($8.70 billion).
The contract, signed with Egypt's National Authority for
Tunnels--which oversees the country's rail network--includes an
agreement to provide maintenance for 15 years, the German
industrial company said.
Egypt plans to create the sixth-largest high-speed rail system
in the world, with 2,000 kilometers of network connecting the Nile
Delta city of Alexandria with Cairo, the Red Sea and the ancient
site of Abu Simbel near the Sudanese border.
Siemens's initial contract to construct a first line is worth
EUR2.7 billion, it said.
Siemens's consortium partners are Orascom Construction PLC and
The Arab Contractors, it added.
"Together with our partners, we will develop from scratch a
complete and state of the art rail network that will offer a
blueprint for the region on how to install an integrated,
sustainable, and modern transportation system," Siemens Mobility
Chief Executive Michael Peter said.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
May 30, 2022 03:01 ET (07:01 GMT)
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