Orascom-Thales alliance, consisting of Orascom Construction and Thales, has signed a contract with the Egyptian National Railway Authority worth €340m to upgrade the railway line between Cairo and Beni Suef, one of the main stations in Upper Egypt.
The contract, which is financed by the World Bank, involves upgrading the signaling system and tracks along a length of about 125 kilometers, as well as installing an electronic interlocking system in the stations. This will increase the speed, safety, and efficiency of the railway service.
Orascom Construction announced that its backlog of projects increased to $5.5bn, after adding a 50% stake in the BESIX Group, which has a backlog of €5.5bn in the first half of 2023. The company also reported that its new contracts increased by 39.0% year-on-year to reach $1.6bn, and by 50% year-on-year to reach $2.6bn after adding a 50% stake in BESIX Group, which secured new contracts worth €1.8bn in the first half of 2023.