Egypt Indicators U.S.8.7 Billion Deal With Siemens for Excessive-Pace Rail System

The German firm stated it has sealed the most important order in its historical past to construct the world’s sixth-largest rail community. Tracks will join cities alongside the Nile with the Pink and Mediterranean seas.

The German industrial group Siemens stated on Saturday night that it had agreed on a deal to assemble 2,000 kilometers (1,243 miles) of high-speed rail traces throughout Egypt.

The deal, which is value €8.1 billion ($8.7 billion), is the most important order within the Munich-based firm’s 175-year historical past.

The contract contains, apart from the rail traces, 41 high-speed trains, 94 regional trains, 41 freight trains, and eight depots and freight stations. It additionally stipulates that Siemens might be chargeable for upkeep for 15 years.

The mega-project goals to attach 60 cities by practice, at speeds of as much as 230 kilometers per hour, offering rail entry to round 90% of the inhabitants, in response to Siemens.

Egyptian President Abdel Fatah el-Sisi referred to as the deliberate community “the start of a brand new period for the rail system in Egypt, Africa and the Center East,” throughout the contract signing ceremony.

World’s sixth largest rail community

“With our newest know-how for rolling inventory, signaling and upkeep, Egypt can have the sixth-largest and most trendy high-speed rail community on the planet,” Siemens CEO Roland Busch stated on the ceremony.

The mission might be carried out underneath the Siemens mobility department of the group in cooperation with two accomplice corporations.

The price of the deal contains the €2.7 billion that was agreed final 12 months for the primary stretch of monitor, the so-called “Suez Canal on rails,” that may run 660 kilometers from the Pink Sea port metropolis of Ain Sochhna to Marsa Matruh and Alexandria on the Mediterranean coast.