Siemens secures high-speed rail contract in Egypt

The rail unit of German engineering giant Siemens has signed a contract worth some 3 billion dollars for high-speed railways in Egypt to link the Red Sea with the Mediterranean Sea, Siemens announced from its Munich headquarters on Wednesday.
The deal will "deliver a comprehensive rail system that will feature the first ever high-speed, electrified main and freight rail line that will transform transportation in the Arab Republic of Egypt," Siemens Mobility said.
Siemens Mobility, along with its partners, would design, install, commission, and maintain the systems for 15 years, it said, putting the total contract value at 4.5 billion dollars, of which 3 billion dollars fall to Siemens.
The contract signed on Wednesday covers the initial 660 kilometres of the 1,800 kilometres planned. Discussions on two other high-speed railway lines, including rail infrastructure and trains, will proceed in the months ahead.
The contract is expected to create more than 15,000 local jobs.