Work on the high-speed electric rail won’t start until the end of the year.

Work on the USD 23 bn high-speed electric rail network will begin towards the end of the year, CEO Osama Bishai told Al Arabiya yesterday. It’s going to take 6-8 months to put financing in place, he said. OC is responsible for 15-35% of the construction works on the project’s first phase, which will cost USD 3 bn. OC, Arab Contractors, and Siemens signed an MoU with the National Authority for Tunnels this week to design, install, and commission the rail system. The railway will link Ain Sokhna to El Alamein via the new administrative capital and Alexandria.