Orascom Construction CEO Osama Bishai predicted that it would take 28 months to implement the prime high-speed railway lines in Egypt, from Ain Sukhna on the Red Sea coast to New Alamein, plus 6 months to extend the line to Marsa Matrouh.
Bishai added in an interview with “Al Arabiya” who The supply of the trains will extend beyond 24 months, explaining that the train and the network are divided Is divided in two parts, the first at high speed, with 15 trains with speeds above 250 km / h, as well as 34 trains with speeds of 256 km / h.
And he indicated that the trains will be able to carry passengers and goods on the same line between the port of Sokhna, Alexandria and Borg El Arab until they reach Salloum. This freight transport will create a wider scope for trade in goods from the port from abroad, or for internal trade and the transport of goods between cities.
Orascom Construction is one of the companies within the consortium responsible for the new train, led by Germany’s “Siemens”, which announced that its share of the new contract amounts to 3 billion euros.
The CEO of Orascom Construction revealed that the company’s share of the financing for this project will be shared equally with Siemens and will amount to approximately $ 1.2 billion, and the European Group’s export guarantee will be used for all components imported in the contract, with a total value of approximately $ 4.5 billion.
He explained that the contract calls for the alliance to build railways, systems, signals, communications, electricity and trains, and a great value will be on equipment imported from abroad, and from Europe. in particular.
He added that Orascom Construction has memorandums of understanding on 3 railway lines in Egypt in Safaga, Hurghada and Luxor.
It revealed that Orascom Construction Group closed the first half of questyear with a volume of contracts in execution amounting to 5.9 billion dollars, “and will increase by 15% with the fast train contract, and the vision will become clearer on September 30, but the contracts will not be less than this value”.
Read More About: Business News