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Monday, 26 October 2020

Orascom Construction, Hassan Allam, Samcrete to invest in new railways company

The private sector is getting involved in the government’s move to locally produce railcars: Orascom Construction, Samcrete and Hassan Allam will hold stakes in the National Company for Railways Industries, a newly-established company that will produce, repair and renovate railway cars at the Suez Canal Economic Zone (SCZone), Al Mal reports, citing an unnamed government official familiar with the matter. The firms will invest in the company alongside the Sovereign Fund of Egypt and the SCZone. Share allocation is currently being discussed and will be announced soon, the official added. The company will invest USD 240 mn in two factories in the East Port Said Industrial Zone: one for producing railcars and another for manufacturing components.

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