A consortium comprising Orascom Construction, Siemens Mobility and Arab Contractors won a $4.5 billion contract for the country’s first high-speed railway line that will connect Egypt's Red Sea coast to the Mediterranean.
The companies signed the deal with the North African country's National Authority for Tunnels, or Nat, and will design, install, commission and maintain the rail system for 15 years, Orascom said on Wednesday.
The scope of work includes the installation of signalling and overhead catenary, a telecoms system and traction substations that will provide power to the 660-kilometre-long electrified main and freight rail lines.
Once completed, the project will connect the port cities of Ain Sokhna on the Red Sea to Alexandria and Marsa Matruh on the Mediterranean coast.
“The consortium will directly create more than 15,000 jobs in Egypt, with an additional 3,800 at Egyptian suppliers and indirectly through the wider Egyptian economy via this line alone,” Orascom said.
The project is being executed on an “EPC [engineering, procurement, and construction] plus finance basis” whereby the consortium will help in structuring and arranging the financing on behalf of the client, the company said.
The financial close on the high-speed train project that will transport more than 30 million people a year is expected in 2022.
Nat and the consortium also agreed to discuss and finalise deals on two other high-speed railway lines connecting the Greater Cairo region – the first linking the 6th of October City along the Nile with Aswan and the second connecting Luxor to Safaga, the company said.
Orascom, which is listed on the Egyptian Exchange and the Nasdaq Dubai, reported a 143 per cent increase in its second-quarter income as revenue and new orders grew despite coronavirus-induced headwinds.
Net profit attributable to owners of the company for the three months to the end of June rose to $23.8 million while venue increased 9.7 per cent to $868.3m.
“This high-speed train will strengthen the infrastructure of the areas it passes through and help achieve urban sprawl, in addition to linking the new administrative capital and new cities to the railway network for transporting passengers and goods,” said Egypt's transport minister Kamel El-Wazir.
“The project will also help promote tourism through a fast, modern, and safe means of transportation characterised by the highest levels of efficiency and safety to meet the needs and expectations of all Egyptians across the country, which is considered a major leap in the field of rail transport.”
Siemens Mobility’s share in the total contract is about $3bn, the company said in a separate statement.
The Egyptian government is investing heavily to build an 1,800km high-speed rail network to transport people and goods across the country and reboot its infrastructure sector.
Egypt was one of the few emerging market countries that experienced a positive growth rate in 2020, according to the International Monetary Fund.
It expects real gross domestic product growth to increase by 5.2 per cent in the 2021-2022 fiscal year, up from 2.8 per cent in the previous fiscal year.
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
A German university was a good fit for the family budget
Annual fees for the Technical University of Munich - £600
Shared rental accommodation per month depending on the location ranges between £200-600
The family had budgeted for food, books, travel, living expenses - £20,000 annually
Overall costs in Germany are lower than the family estimated
As proof that the student has the ability to take care of expenses, international students must open a blocked account with about £8,640
Students are permitted to withdraw £720 per month
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The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
More on Quran memorisation:
Scores in brief:
Boost Defenders 205-5 in 20 overs
(Colin Ingram 84 not out, Cameron Delport 36, William Somerville 2-28)
bt Auckland Aces 170 for 5 in 20 overs
(Rob O’Donnell 67 not out, Kyle Abbott 3-21).
'Midnights'
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Past winners of the Abu Dhabi Grand Prix
2016 Lewis Hamilton (Mercedes-GP)
2015 Nico Rosberg (Mercedes-GP)
2014 Lewis Hamilton (Mercedes-GP)
2013 Sebastian Vettel (Red Bull Racing)
2012 Kimi Raikkonen (Lotus)
2011 Lewis Hamilton (McLaren)
2010 Sebastian Vettel (Red Bull Racing)
2009 Sebastian Vettel (Red Bull Racing)
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
