Orascom Construction : Consortium to Build a New Metro System in Alexandria for EUR 1.3 Billion
September 07, 2023 at 01:35 am EDT
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Orascom Construction Consortium to Build a New Metro System in Alexandria for EUR 1.3 Billion
07 September, 2023
Orascom Construction PLC (Nasdaq: OC; EGX: ORAS) announces that its consortium with Colas Rail has signed an Engineering, Procurement and Construction (EPC) contract with the National Authority for Tunnels (NAT) to build a new regional metro system in Alexandria, Egypt.
Orascom Construction and Colas Rail will deliver a new electrified metro system that will enable efficient, safe, and low-carbon mass transportation in Alexandria. In addition, Thales will be providing the signaling, telecommunication and automatic fare collection packages for the project.
This project, spanning 21.7 km and encompassing 20 stations to connect downtown Alexandria with the northeastern town of Abu Qir, marks an important milestone as the first modernization of a transportation system in Alexandria.
The total contract value for the project amounts to approximately EUR 1.3 billion. Funding for this project will be provided by the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), L'Agence française de développement (AFD), and the Asian Infrastructure Investment Bank (AIIB).
Orascom Construction has played a major role in the development of Greater Cairo Metro since the 1980s and is proud to now build a modern metro system in Alexandria. This project also underscores Orascom Construction's leadership and expertise in the transportation sector, and indicates the Group's ability to secure high-quality projects with funding from international financial institutions.
The Group's current and past projects in this sector cover a wide range of state-of-the-art and sustainable transportation systems, and 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.
This project also extends Orascom Construction's longstanding partnership with Colas Rail and Thales on past projects such as Greater Cairo Metro and future potential projects.
Orascom Construction Ltd. published this content on 07 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 September 2023 05:34:04 UTC.
Orascom Construction PLC, formerly Orascom Construction Ltd, is a United Arab Emirates-based engineering and construction contractor. The Company is primarily focused on infrastructure, industrial and high-end commercial projects in the United States, the Middle East, Africa and Central Asia for public and private clients. The Company operates under the following brands: Orascom, Contrack and The Weitz Company. The Companyâs projects cover civil buildings, heavy industries, manufacturing, petrochemicals, federal infrastructure, power generation, social infrastructure, transport, water and wastewater, design build, as well as operations and maintenance.