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Orascom Construction, Bombardier, Arab Contractors win contract to supply, operate two monorail lines
: Bombardier Transportation, Orascom Construction PLC (NASDAQ Dubai: OC; EGX: ORAS) and Arab Contractors have signed an agreement today with the National Authority for Tunnels in Cairo to design and build two new monorail lines in Egypt. On completion of the construction phase, the consortium will be responsible for the Operation and Maintenance (O&M) of both lines for 30 years. The total value of the design, build and O&M contract exceeds USD 4.5 billion (EUR 4.1 billion). Bombardier Transportations share is USD 2.85 billion (EUR 2.6 billion) and Orascom Constructions share is close to USD 900 million. The agreement is subject to final signatures of supplementary documents.
Danny Di Perna, President of Bombardier Transportation, said, To be selected as the monorail system supplier in Egypt is a great privilege and our fully-automated monorail system is the smart mobility solution for Cairos urban future. He added, Our INNOVIA Monorail 300 technology has proved to be a game changer in the industry, as it allows fast construction of high capacity transit lines at lower costs. With its advanced technology, unmatched safety features and attractive aerodynamic design, this proven platform will dramatically improve the quality of life for millions of residents by significantly reducing their daily commuting time as well as reducing traffic congestion and its impact on the city.
Osama Bishai, Chief Executive Officer of Orascom Construction PLC, commented, We continue to play an integral role in the development of Egypts infrastructure, and are proud to be part of this prestigious project to build mass transportation across Cairo, the New Administrative Capital, Giza and 6th of October City. We are very pleased to collaborate with our international partner Bombardier and our local partner Arab Contractors on this project, which highlights our strength in the transportation sector and emphasizes our position as the partner of choice for international contractors in Egypt particularly on challenging projects.




Time Added: 2019-08-06 09:52:46
Source: arabfinance
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