Back to the complete issue
Monday, 13 February 2023

Three global firms reportedly eyeing contract for Metro Line 1 upgrades


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.


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.


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.

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. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender 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; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.