Siemens wins the largest deal in its history to build high-speed rail lines in Egypt
The German Siemens Group announced today that it has concluded the largest order in its history with Egypt, with a value of $8.7 billion. The group said today that Egypt has signed a contract with its unit for railway industries and its partners in a consortium to build two railway lines for high-speed trains with a length of two thousand kilometers.
Siemens added that the agreement between the National Authority for Tunnels in Egypt and a consortium of Siemens Mobility, Orascom Construction and the Arab Contractors will establish the sixth largest high-speed rail system in the world.
"This is the largest order in Siemens history," Siemens CEO Roland Bosch said in a statement.
Once completed, Egypt's high-speed rail network will consist of three railway 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), and includes an initial contract worth 2.7 billion euros for the first line signed on September 1, 2021.
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