China Railway Construction Corporation (CRCC), the second largest state-run construction enterprise, said one of its subsidiaries, has been awarded US$600 million contract to upgrade the Egyptian national railway.
The CRCC has been the builder of more than half of China’s rail links since 1949.
The rehabilitation and renewal project contract awarded to CRCC unit China Civil Engineering Construction Corporation by Egyptian National Railways is a major boost to the Chinese firm’s regional portfolio.
The deal value represents approximately 0.63 per cent of the company’s operating revenue for 2014 under the PRC accounting standards.
Source: Trade Arabia