Siemens Mobility expects to finalise agreements for the second and third line of Egypt's $4.45 billion high-speed electric rail system by the end of this year after financial closing, according to the company's chief executive for the Middle East and Africa.
The project is already generating a “high level of interest” from other countries in the region and the German contractor is in ongoing discussions with Egypt's National Authority for Tunnels and the Ministry of Transport on the two lines, Leon Soulier, Siemens Mobility's chief executive for the Middle East and Africa, told The National on the sidelines of the Middle East Rail exhibition in Dubai. Siemens is awaiting the go-ahead from the Egyptian Cabinet.
“The idea is that we would still close both contracts within this calendar year, subject to financial close, because not only are we doing the construction, supply and maintenance, we are also providing a financing package,” he said.
“What we need is the Egyptian Cabinet's approval for the Ministry of Transport to be mandated to sign the further lines and this is the important step that remains to be done. We're bringing the financing, but in the end the financing has to be repaid, just subject to Cabinet approval. ”
Last month, a consortium comprising Orascom Construction, Siemens Mobility and Arab Contractors won the multibillion-dollar contract for Egypt's first high-speed railway line that will connect the country's Red Sea and Mediterranean coasts. The deal covered the initial 660-kilometre line out of the total 1,800km of rail network planned. Siemens, which dubbed the project a “Suez Canal on tracks”, will receive a share of $3bn out of the total $4.45bn contract value.
The company plans to deliver the first of its high-speed trains, which will be adapted for Egypt's climate, in two years, Mr Soulier said.
The 660km line is designed to carry up to 30 million people per year, saving up to 50 per cent travel time and cutting carbon emissions by 70 per cent, compared to the current use of cars and buses.
The Arab world’s most populous country is undertaking the project as part of wider plans to upgrade its overcrowded transport network, protect the environment, create jobs and develop its economy.
The project financing will be based on engineering, procurement and construction (EPC), plus financing basis. The consortium will help structure and arrange the financing on behalf of the client.
Siemens “have engaged with banks and financial institutions to see if they can provide loans for this project, but this is from the banks directly to the Egyptian government, the Ministry of Finance and the central bank”, Mr Soulier said. “We have facilitated those discussions and this is still ongoing, the financial close is still pending.”
Normally, the financial close occurs within 12 months of the EPC contract being signed, but in this case it may be sooner than September 2022, the executive said.
“We as a company are not waiting for that, we have started already preparing the production lines for the trains, making a lot of design decisions which resonated with the client during the negotiations,” he said. “We pre-started it because the Egyptian government asked us to do this on the fast track, so we took this quite seriously.”
The technology company made “sizeable” investments to allocate people and resources to the project to “hit the ground running”, Mr Soulier said.
Siemens' project in Egypt has garnered interest from other markets in the Middle East and Africa in high-speed electric rail systems, Mr Soulier said.
“We have seen an interest because this project was not on the radar, it was not planned for 10 years and now it finally came to fruition. It was a direct negotiation and a direct partnership with the client,” he said. “Walking around the exhibition, we got a lot of questions.”
Many countries in the region are planning their own main railway lines and there are opportunities to engage with customers on taking a similar approach to Egypt, he said.
One example of that is the planned GCC railway network, which would be “a perfect fit” for this type of high-speed rail connection, the executive said.
Mr Soulier confirmed they are in discussions with some countries in the region but it is “too early” to reveal customers and the main focus is on finalising the remaining agreements with Egypt.
“Our biggest priority now is to ensure and secure the second and the third line because that's obviously on the table and this would bring the scale that we would need to do a project like this, it's really a seismic shift,” he said.
With countries seeking more sustainable modes of transportation, the demand for green technology is expected to drive new developments in the sector.
Hydrogen-powered fuel cell trains for main lines are an “interesting technology” but is still in its early years, Mr Soulier said.
“It's still in its infancy but it will develop fast and it will develop soon,” he said. “What's needed is not only a hydrogen train, but you also need to set up a certain level of infrastructure in terms of fuelling and storage.”
While there's a lot of market interest in the concept, it has not yet reached commercial levels, he added.
For countries in the region that have not yet adopted electrified rail systems, hydrogen-powered trains are an alternative option, he said.
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Group A: India, Japan, New Zealand, Sri Lanka
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UAE fixtures
Saturday, January 18, v Canada
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Manikarnika: The Queen of Jhansi
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Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
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The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
Killing of Qassem Suleimani
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Read more about the coronavirus
Killing of Qassem Suleimani
Killing of Qassem Suleimani
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Takreem Awards winners 2021
Corporate Leadership: Carl Bistany (Lebanon)
Cultural Excellence: Hoor Al Qasimi (UAE)
Environmental Development and Sustainability: Bkerzay (Lebanon)
Environmental Development and Sustainability: Raya Ani (Iraq)
Humanitarian and Civic Services: Women’s Programs Association (Lebanon)
Humanitarian and Civic Services: Osamah Al Thini (Libya)
Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)
Outstanding Arab Woman: Balghis Badri (Sudan)
Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)
Young Entrepreneur: Omar Itani (Lebanon)
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England's all-time record goalscorers:
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Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
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Frank Lampard 29
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How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
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ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
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Mane points for safe home colouring
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How to apply for a drone permit
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What are the regulations?
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The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
