Siemens wins $ 8.7 billion rail deal for high-speed trains in Egypt

German group Siemens said on Saturday that Egypt has signed a contract with its railway industries unit and partners in a consortium for the construction of two high-speed railways with a length of 2,000 km.

Siemens added that the agreement between the National Tunnel Authority in Egypt and a consortium of Siemens Mobility, Orascom Construction and Arab Contractors will establish the world’s sixth largest high-speed rail system.

“This is the largest order in Siemens history,” said Siemens CEO Roland Bosch in a note.

The project is part of Egypt’s vast investment in transport infrastructure in recent years.

Once completed, Egypt’s high-speed rail network will consist of three rail lines, one of which connects its coasts on the Red Sea and the Mediterranean, and the two announced today.

Siemens added that its subsidiary’s stake in the project amounts to 8.1 billion euros (8.69 billion dollars) and includes an initial contract worth 2.7 billion euros for the first line signed on September 1, 2021. .

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