Egypt’s Orascom Construction in talks to establish new monorail project

Egypt’s Orascom construction is currently in talks with the Egyptian government to establish Sixth of October-New Capital Monorail Project.

No agreement has been reached yet, the company said in a statement to the stock exchange on Monday, responding to published reports stating that a consortium led by Orascom has been chosen to construct the new project.

The consortium, which also includes Arab Contractors and Canada’s Bombardier, is still in talks to establish two high-speed monorail lines with lengths of 52km and 42 km.

Moreover, Orascom logged a net profit of $33.7 million during the first quarter of this year from $35 million during the same period in 2018.