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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