RIYADH: Cairo-based Orascom Construction has inked a $8.7 billion deal with Siemens Mobility to expand high-speed rail network to 2,000 km, up from 660 km, completed in the project’s first phase.
Upon the completion of the project’s second phase, the high-speed rail system will be the sixth largest in the world, according to a statement.
Orascom Construction’s total share of all three lines accounts for $1.8 billion, while the group’s latest disclosed backlog is valued at $6.7 billion.
The system will connect cities, seaports, dry ports, archaeological sites and tourist destinations all over Egypt.
“We are also delighted that this mega project is expected to produce over 45,000 jobs for Egyptians while providing a sustainable and efficient transportation system that cuts carbon emissions by 70 percent, Osama Bishai, CEO of Orascom Construction, said.