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Monday, 13 February 2023

Three global firms reportedly eyeing contract for Metro Line 1 upgrades

TRANSPORT-

Three international companies have their sights set on developing Metro Line 1: Germany’s Siemens and French firms Alstom and Colas submitted separate offers late last year in a government tender to develop Cairo’s oldest metro line, Al Mal reports, citing sources it says are in the know. Italian consulting and transport firm Italferr is reportedly helping the National Authority for Tunnels evaluate the bidders.

About the redevelopment: The three firms are bidding for a contract to develop the line’s signaling, communication and central control systems, electromechanical and electrical works, and track, at an expected cost of USD 400 mn. The Line 1 project is being part-funded by the EU, the European Investment Bank, the European Bank for Reconstruction and Development, and the French government. Alstom has already secured a contract to supply the line with 55 new trains.

CAPITAL MARKETS-

Closer cooperation between the EGX + Saudi’s Tadawul: The EGX signed an MoU with Tawadul Group focused on product collaboration, data and knowledge transfer, specialized marketing initiatives for companies eyeing listing, investor education, and ESG standards, according to a press release by Tadawul.

REAL ESTATE-

Qatari Diar is building out City Gate: Qatari Diar subsidiary East Gate Developments and contractor Consolidated Contractors Company signed an agreement to construct a new EGP 1.75 bn phase of its City Gate development in East Cairo, according to a statement (pdf). The residential project will be valued at over USD 12 bn once complete, Qatari Diar CEO Abdullah bin Hamad Al-Attiyah said during the signing ceremony in Doha.

REMEMBER- Qatari Diar has until 2031 to finish City Gate per a new deadline reportedly set by the New Urban Communities Authority (NUCA) in November to compensate the company, after its work had been suspended for years amid a legal dispute. East Gate began work on the EGP 1 bn first phase of the project last year and has reportedly secured a EGP 2 bn loan from the National Bank of Egypt and Banque Misr to finance the second phase.

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