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    SIE   DE0007236101

SIEMENS AG

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Siemens Mobility wins $8.7 billion high-speed rail deal in Egypt

05/28/2022 | 12:52pm EDT

BERLIN, May 28 (Reuters) - Egypt has signed a contract with industrial manufacturing company Siemens' rail and traffic unit and its consortium partners to build about 2,000 kilometers of high-speed railways, the German group said on Saturday.

The deal between Egypt's National Authority for Tunnels (NAT) and a consortium of Siemens Mobility, Orascom Construction and Arab Contractors will create the world's sixth largest high-speed rail system, Siemens said.

"It is the biggest order in the history of Siemens," Siemens Chief Executive Roland Busch said in a statement.

The project is part of Egypt's extensive transport infrastructure investments over the past few years.

Once completed, Egypt's high-speed network will consist of three rail lines: the one to link its Red Sea and Mediterranean coasts Siemens had dubbed a "Suez Canal on rails" in September, and the two lines announced on Saturday.

Siemens added that its subsidiary's share in the project is worth 8.1 billion euros ($8.69 billion) and includes the initial contract of 2.7 billion euros for the first line signed in September.

($1 = 0.9322 euros) (Reporting by Zuzanna Szymanska Editing by Frances Kerry and Christina Fincher)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ORASCOM CONSTRUCTION PLC 9.98% 4.96 End-of-day quote.-0.80%
SIEMENS AG 2.17% 95.82 Delayed Quote.-38.60%
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Financials
Sales 2022 69 165 M 70 858 M 70 858 M
Net income 2022 6 670 M 6 834 M 6 834 M
Net Debt 2022 36 274 M 37 162 M 37 162 M
P/E ratio 2022 11,5x
Yield 2022 4,45%
Capitalization 74 626 M 76 453 M 76 453 M
EV / Sales 2022 1,60x
EV / Sales 2023 1,47x
Nbr of Employees 303 000
Free-Float 88,4%
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Number of Analysts 23
Last Close Price 93,74 €
Average target price 160,46 €
Spread / Average Target 71,2%
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Managers and Directors
Roland Emil Busch President & Chief Executive Officer
Ralf Peter Thomas Head-Corporate Finance, Accounting & Controlling
Jim Hagemann Snabe Chairman-Supervisory Board
Hanna Hennig Chief Information Officer
Bernhard Wardin Head-Technology & Innovation
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