Back to the complete issue
Wednesday, 4 August 2021

The little engine that could…

NERIC due to deliver its first locally-made locomotive in mid-2022: The recently set up National Egyptian Company for Railroad Industries (NERIC) will manufacture its first electric locomotive and hand it over to the Transport Ministry, by the middle of next year, Sameh Gabra, who heads East Port Said Development, a shareholder in the state-owned locomotive manufacturer, told Al Mal. East Port Said Development owns 16% of NERIC, which was set up late last year as a joint-stock company and also counts the Sovereign Fund of Egypt, the Suez Canal Economic Zone, and others as its shareholders.

Background: NERIC specializes in producing and refurbing locomotives. It was established as part of a state-led bid to localize the rail industry. The Planning Ministry previously said this bid could involve investments of up to USD 10 bn over the next few years.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt.