ReutersReuters

Siemens Mobility wins $8.7 high-speed rail deal in Egypt

Egypt has signed a contract with industrial manufacturing company Siemens' (SIEGY) rail and traffic unit and its consortium partners to build about 2,000 kilometres of high-speed railways, the German group said on Saturday.

The deal between Egypt's National Authority for Tunnels (NAT) and a consortium of Siemens Mobility, Orascom Construction and Arab Contractors will create the world's sixth largest high-speed rail system, Siemens said.

Siemens added that its subsidiary's share in the project is worth 8.1 billion euros ($8.69 billion) and includes the initial contract of 2.7 billion euros for the first line signed on Sept. 1, 2021.

($1 = 0.9322 euros)

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