Egypt Signs 15-Year Contract with French Metro Line Operator

People wait to board a train at Al Shohadaa metro station in Cairo, Egypt, July 24, 2017. (Reuters)
People wait to board a train at Al Shohadaa metro station in Cairo, Egypt, July 24, 2017. (Reuters)
TT

Egypt Signs 15-Year Contract with French Metro Line Operator

People wait to board a train at Al Shohadaa metro station in Cairo, Egypt, July 24, 2017. (Reuters)
People wait to board a train at Al Shohadaa metro station in Cairo, Egypt, July 24, 2017. (Reuters)

Egypt on Tuesday signed a 15-year, billion-euro contract with French transport operator RATP Dev to manage Cairo's third metro line, the transport ministry said.

The government has sought to expand the run-down network in recent years to ease the burden on the traffic-choked streets of the capital, home to more than 20 million people.

In 2012 its third metro line went into operation, stretching 47 kilometers (29 miles) from east to west.

The new 1.1 billion-euro ($1.4-billion) contract between RATP Dev and the National Tunnels Authority aims "to alleviate the pressure on the Egyptian Company for the Management and Operation of the metro, which is in charge of the first and second lines," the transport ministry said.

Over three million commuters use the Cairo metro every day, but the metro company has been grappling with heavy losses and debts for years.

The government has hiked fares several times in recent years to generate funds for upkeep of the three-decade-old network.

In August, authorities raised the metro tickets covering up to nine stops from three to five Egyptian pounds ($0.32). The fare for up to 16 stops now costs seven pounds ($0.44).



Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
TT

Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)

Germany, the host of Euro 2024, can expect a 1 billion euro ($1.07 billion) boost to its economy thanks to foreign tourists traveling to the country for the soccer games, the ifo institute forecasts.

This corresponds to about 0.1% of economic output in the second quarter of the year, with Germany´s hospitality and food retail sectors set to benefit the most from the games, the country's top economic research institute said.

"However, the effect is only short-lived, so that exports of services due to returning tourists are likely to fall again after the end of the European Championship in the third quarter and remain the same on balance," ifo researcher Gerome Wolf said.

More than an additional 600,000 foreign tourists and 1.5 million additional overnight stays are expected during the Championship, according to the institute's calculations based on the numbers from the FIFA World Cup hosted by Germany in 2006.

The German Economy Ministry also expects a temporary upturn in consumer-facing sectors after very subdued retail sales this year, but not to the same extent as during the 2006 World Cup.

Experts agree that the overall effect of the Euro 2024 on Europe’s largest economy also depends on how the German national team performs in the tournament.

Their match against Scotland will kick off the tournament on Friday evening.