Egypt signs $8.7B deal with Siemens Mobility to build high-speed rail
The 2,000-kilometre high-speed rail network will connect 60 cities throughout the country, according to the company.
Egypt has signed a contract with industrial manufacturing company Siemens' rail and traffic unit and its consortium partners to build about 2,000 kilometres of high-speed railways.
The deal between Egypt's National Authority for Tunnels (NAT) and a consortium of Siemens Mobility, Orascom Construction and Arab Contractors will create the world's sixth largest high-speed rail system, Siemens said on Saturday.
"It is the biggest order in the history of Siemens", Siemens Chief Executive Roland Busch said.
"The new electrified train network comes as a consolidation of the fruitful cooperation between Egypt and Germany in the field of infrastructure and will represent a valuable great addition to Egypt’s transportation system, marking the beginning of a new era for the railways system in Egypt, Africa, and the Middle East“, Egyptian President Abdel Fattah el Sisi said.
📣 Great news for #Egypt: @SiemensMobility will provide 2 further high-speed rail lines! Read more on how the now in total 2,000 km long new rail network will #TransformTheEveryday ⤵️ #MovingEgypt
— Siemens (@Siemens) May 28, 2022
'Suez Canal on rails'
The project is part of Egypt's extensive transport infrastructure investments over the past few years.
Once completed, Egypt's high-speed network will consist of three rail lines: the one to link its Red Sea and Mediterranean coasts Siemens had dubbed a "Suez Canal on rails" in September, and the two lines announced on Saturday.
Siemens added that its subsidiary's share in the project is worth $8.69 billion and includes the initial contract of $2.9 billion for the first line signed in September.
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