RIYADH: Egyptian companies and businessmen have donated EUR6 million ($5.9 million) to construct monorail stations in return for naming the projects after them.
Stations of Egypt’s first monorail will be named after residential compounds, malls, and businessmen, Alahram reported citing the Transport Minister Kamel El-Wazir.
He added that businessman Ahmed El-Sewedy, CEO of El-Sewedy Electric Co., has donated money to build two stations, one to be named after him and the other after a university he owns.
The co-owner of Mansour Group and chairman of Palm Hills Developments, Yassin Mansour, also made considerable donations for the construction of two stations, one to be named after a compound and a mall.
Alongside advertisement spaces to be sold in the monorail and on the tickets, this comes as part of the ministry’s investment plan to finance the cost of the high-speed electric train.
“The monorail and light rail transit cost a lot and we can’t depend on tickets to return its costs,” El-Wazir said.
Shops, restaurants, and food courts at the stations will also be offered on lease.
Valued at $4.5 billion, Egypt’s first monorail is set to operate by 2023 with two lines extending 100 km that link West and East Cairo.
Upon completion, the two lines will be able to transport 45,000 passengers per hour.
The investment project comes amid a deepening economic crisis in the North African country, as it struggles from high inflation and pound devaluation, triggered by Russia’s war in Ukraine, drop in tourism and high oil prices.