Egypt's Holding Company for Roads Wins $80 Million Contract in Iraq

SadaNews - The "Holding Company for Roads, Bridges, Land Transport and Marine Works," affiliated with the Egyptian Ministry of Transport, has won a new contract in Iraq worth $80 million, marking its second expansion outside the local Egyptian market, according to officials who spoke to "Asharq."

The contract, which is currently being finalized between the two parties, includes the modernization of the railway network in Iraq over a distance of 200 kilometers, with the work expected to last for two years from the date of site handover, according to one source.

Expansion of the Holding Company Outside Egypt

This move is a continuation of the company's expansion in foreign markets, having previously secured projects worth 500 million riyals in Saudi Arabia in 2023, which led the Egyptian Ministry of Transport to approve the establishment of a company headquarters in Riyadh to commence its operations in the Gulf region.

The holding company was established sixty years ago and is considered one of the government arms responsible for implementing infrastructure projects in Egypt, comprising four companies specialized in the construction of roads, bridges, airports, railways, and construction, according to its website.

Iraq Attracts Investments for Reconstruction

This contract comes at a time when Iraq is seeking to attract investments to rebuild its economy, which has been adversely affected by the war against ISIS, with the country needing $88.2 billion to implement reconstruction projects, according to previous statements from the Iraqi Ministry of Planning.

The volume of trade exchange between Iraq and Egypt reached $1.1 billion by the end of 2024, compared to $872 million in 2023, reflecting a growth rate of 26.1%, according to data from the Egyptian Central Agency for Public Mobilization and Statistics.

Egyptian President Abdel Fattah El-Sisi visited the capital Baghdad in mid-May to participate in the 34th Arab Summit.