SIEGY - Siemens signs $8.7B order to build Egypt's high-speed rail line

Siemens (OTCPK:SIEGY) said during the weekend that it signed the largest order in its history, in a contract to develop a new high-speed rail line in Egypt worth as much as €8.1B ($8.7B), including a €2.7B contract signed in September 2021 for the project's initial line. Egypt plans to create the sixth-largest high-speed rail system in the world, with 2,000 km of track connecting 60 cities across Egypt via trains with a top speed of 230 km/hour. The contract, signed with Egypt's National Authority for Tunnels, includes an agreement to provide maintenance for 15 years. Siemens Mobility (OTCPK:SIEGY) said the electrification of the network will reduce carbon emissions by 70% compared with making trips by bus or car. Siemens (OTCPK:SIEGY) boasts a track-record of posting strong financials, even in challenging environments such as COVID-19, Cavenagh Research writes in a bullish analysis posted recently on Seeking Alpha.

For further details see:

Siemens signs $8.7B order to build Egypt's high-speed rail line