Orascom, Bombardier to build $1.5 billion monorail in Egypt

Updated 04 May 2015
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Orascom, Bombardier to build $1.5 billion monorail in Egypt

CAIRO: Canada’s Bombardier Inc. and Egypt’s Orascom Construction and Arab Contractors will build a $1.5 billion monorail near Cairo, Egypt’s housing minister said.
The 52km project is set to be completed by mid-2018 with funding from a 14-year loan, Mostafa Madbouly said in a statement, without saying who was providing the funds.
The train will connect the Cairo metro system, which is being expanded, to areas west of the capital including 6th of October City and Sheikh Zayed.
Cairo, a centuries-old metropolis where more than 20 million people reside, has suffered for years from crumbling infrastructure and neglect.
Improved public transport could help reduce congestion in streets where commuters compete with commercial traffic, three-wheeled tuk-tuks and donkey carts.
The move comes weeks after the government announced a project to build a new capital southeast of Cairo, a proposal that has received mixed reviews.
Madbouly said technical and financial offers for the rail project had been approved, but Reuters could not immediately reach the companies to confirm the details.
Orascom, an engineering and building business, is controlled by Egypt’s prominent Sawiris family.
It announced plans late last year to build a $3 billion coal-fired power station on the Red Sea coast in a joint venture with Abu Dhabi state fund International Petroleum Investment Co. (IPIC).
According to The Cairo Post, the housing ministry has published a concept design of the train, in which the Mall of Arabia Shopping Center, situated in 6 of October City, appears in the background.
The project aims to serve residential neighborhoods the industrial city.
Although it is classified as part of Giza governorate, 6 of October City is located in the desert far from downtown Cairo and active districts; 17 km from the Giza Pyramids and 32 Km from downtown Cairo.
The monorail project would include 17 stations grouped into two phases; 12 in the first phase and five in the second one.
The monorail project will be implemented by an Egyptian-Canadian coalition, whose technical and financial bid was selected by the Ministry of Housing.


Funds managing $2 trillion urge cement makers to act on climate impact

A general view of Gulf Cement Company in Ghalilah, Ras al Khaimah, United Arab Emirates July 16, 2019. (REUTERS)
Updated 16 min 45 sec ago
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Funds managing $2 trillion urge cement makers to act on climate impact

  • The cement industry produces 7 percent of the world’s carbon dioxide emissions, according to the International Energy Agency, meaning that if it were a country, it would be the third largest emitter, behind the US and China

LONDON: European funds managing $2 trillion in assets called on cement companies to slash their greenhouse gas emissions on Monday, warning that a failure to do so could put their business models at risk.
Some asset managers are ramping up engagement with heavy polluters to demand a faster transition to a cleaner economy.
“The cement sector needs to dramatically reduce the contribution it makes to climate change,” said Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change, which has more than 170 members, mainly European pension funds and asset managers. “This is ultimately a business-critical issue for the sector,” Pfeifer said in a statement.
The group said investors had written to cement or construction materials companies including Ireland’s CRH, Franco-Swiss group LafargeHolcim and France’s St. Gobain to demand they achieve net zero carbon emissions by 2050.
They also noted that Germany’s HeidelbergCement had already adopted the target. The funds urged all cement companies to align themselves with the 2015 Paris agreement to combat global warming, engage with policymakers to ensure an orderly transition to a low carbon economy, and increase their reporting of climate risk.
“Construction materials companies may ultimately risk divestment and lack of access to capital as an increasing number of investors seek to exclude highly carbon-intensive sectors from their portfolios,” said Vincent Kaufmann, CEO of the Ethos Foundation.

FASTFACT

The cement industry produces 7 percent of the world’s carbon dioxide emissions, according to the International Energy Agency.

Signatories collectively manage assets worth $2 trillion and include Aberdeen Standard Investments, BNP Paribas Asset Management, Sarasin & Partners and Hermes EOS.
Although funds are increasingly engaging with companies from airlines to carmakers on emissions, few are calling for the systemic transformation of the global economic system that scientists increasingly argue is needed to prevent runaway climate breakdown.
The cement industry produces 7 percent of the world’s carbon dioxide emissions, according to the International Energy Agency, meaning that if it were a country, it would be the third largest emitter, behind the US and China.
With climate campaigners traditionally focused on fossil fuel companies, the European cement sector has received comparatively little scrutiny until recently.
On Tuesday, police arrested six climate activists from civil disobedience group Extinction Rebellion at a protest aimed at disrupting a site in east London belonging to London Concrete, a unit of LafargeHolcim.
In June last year, a report from think-tank Chatham House concluded that although there was no “silver bullet” to reduce emissions from cement, it should be possible to deploy a range of policies and technologies to achieve deep decarbonization.