Search Site

Trends banner

SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

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.