03 September, 2023
Orascom Construction PLC (Nasdaq: OC; EGX: ORAS) announces that its consortium with Thales has signed a contract with Egyptian National Railways (ENR) to modernize and upgrade the Cairo-Beni Suef railway corridor in Egypt.
The consortium will modernize the signaling system and tracks across approximately 125 km in addition to the complete modernization of electronic interlocking system at the stations. These upgrades will result in increased speeds while enhancing safety and efficiency.
The total contract value for the project amounts to EUR 340 million. The project is part of a program that is funded by the World Bank.
This project extends the long-term relationship between Orascom Construction and Thales, which includes projects such as Greater Cairo Metro and future projects in the pipeline.
In addition, this project reinforces Orascom Construction’s leadership in the transportation sector and as a main partner on important projects. The Group’s current and past projects include major projects such as high-speed rail, metro, monorail, railway, and light rail transit across over 3,500 km in Egypt and the Middle East.