November 10, 2022

Elsewedy Electric, Deutsche Bahn ink 15-year operation agreement for high-speed train

ArabFinance: Elsewedy Electric (SWDY) and German railway company Deutsche Bahn AG initialed an agreement with Egypt’s National Authority for Tunnels (NAT) for the management and operation of the first line of the high-speed electric train network (Ain Sokhna-Alexandria-Alamein-Matrouh), according to an email statement on November 6th.

The agreement has an initial term of 15 years, the statement revealed.

Egyptian Minister of Transport, Kamel El-Wazir, noted that Deutsche Bahn will operate the three lines of the electrical railway network with a new management and operation module, in exchange for receiving a portion of the revenue.

El-Wazir stressed that Egyptians would account for at least 90% of the project’s workforce.

“The new high-speed rail network aims to improve traffic safety and curb air pollution, aligning with the Egyptian government’s efforts to develop the sustainable transportation sector and expand environmentally-friendly mass transportation in major cities,” President and CEO of Elsewedy Electric, Ahmed El Sewedy, said.

“With the construction of the three lines, the climate-friendly rail will cover a distance of 2000 Km. To implement this green project, our company will exert every possible effort to hire, train, transfer knowledge to local talents, and assign the employees to Germany in order to gain an international experience, as part of investments in the country’s long-term development,” El Sewedy commented.

Moreover, Niko Warbanoff, CEO of DB International Operations GmbH, stated that Deutsche Bahn would qualify and train Egyptian engineers and technicians.

It is worth noting that the high-speed electric train network will cover around 2,000 kilometers by passenger and cargo trains.

The agreement was signed on the sidelines of the 2022 United Nations Climate Change Conference (COP27) in Sharm El-Sheikh, in the presence of Prime Minister Mostafa Madbouly.


Categories : finance & economy

Finance & Economy

Independent Study Finds Asset-Heavy Organizations Can Expect $21.6M in Value After Adopting Cognite Data Fusion® as an Industrial DataOps Solution

2022-12-02 10:00:00

Cognite, a global leader in industrial software, today announced a newly commissioned study conducted by Forrester Consulting that"...
Read More

LRN Corporation Completes Acquisition of...
December 2, 2022
Velodyne Lidar Launches Vella Family of ...
December 2, 2022