Search Site

Trends banner

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Egypt taps consortium for $6bn high-speed rail line

  • The project is expected to link two cities that are about 660km apart
  • Orascom estimates that the project will create 15,000 direct jobs

A consortium of Siemens Mobility, Arab Contractors, and Orascom Construction has been chosen for a rail-line project in Egypt, local reports have said.

Egypt’s National Authority for Tunnels has chosen the consortium to design, install and maintain the rail line, said the reports.

The multi-billion-dollar project is expected to link Ain Sokhna on the Red Sea to Alexandria and Mersa Matruh on the Mediterranean, which are about 660km apart, when completed.

Arab Contractors and Orascom’s turnkey contract is worth $4.5 billion, said the reports.

It is said to include the construction of track works, signaling, telecoms systems, and power substations, as well as 15 years of subsequent maintenance.

Siemens Mobility’s share is worth $3 billion, and reportedly involves providing high-speed and regional trains, locomotives, rail infrastructure, and related services.

The line is expected to be capable of transporting 30 million people each year, cutting some travel times in half.

Orascom estimates that the project will create 15,000 direct jobs.