LONDON: A division of Germany’s Siemens has been awarded a contract worth about 1.5 billion pounds ($2 billion) to design and build 94 new trains for the Piccadilly Line on London’s metropolitan train network, known as the Tube.
Transport for London (TfL), the public body in charge of the Tube, said the award of the contract would allow Siemens Mobility Limited to push ahead with its plan to build a new factory in Goole, east Yorkshire, in northern England.
“The Siemens Mobility Limited factory would employ up to 700 people in skilled engineering and manufacturing roles, plus up to an additional 250 people during the construction phase of the factory,” TfL said in a statement.
“As a result, around 1,700 indirect jobs would be created throughout the UK supply chain,” it said.
Siemens said in March it had leased 67 acres (27 hectares) of land in Goole with a view to building a 200-million-pound ($266-million) train factory. The plans were subject to the company’s success in securing major future orders, it said at the time.
Siemens Mobility Limited is Siemens’s British subsidiary for its trains and transport technology business.
TfL said it had also received bids from a joint venture of Canada’s Bombardier and Japan’s Hitachi and from France’s Alstom when the bidding process began in 2016.
Subsequently, Siemens and Alstom announced that their rail businesses were due to be merged.
While the order is for an initial 94 trains for the Piccadilly Line, TfL said the contract was being awarded on the expectation that the manufacturer would also build trains of the same design for three other so-called Deep Tube lines.
The Piccadilly Line, which carries more than 700,000 passengers per day, is the first of the four Deep Tube lines to receive a much-needed upgrade.
The new trains, expected to be delivered from 2023, will be 6 meters (yards) longer than the existing ones and will be designed to optimize space within the constraints of the narrow Deep Tube tunnels.
The 86 trains currently running on the Piccadilly Line were introduced in 1975 and had a design life of 40 years. They are now one of the oldest train fleets in passenger service in Britain.
The aging trains and signalling system restrict the current rush hour service on the Piccadilly Line to 24 trains per hour. That will go up to 27 trains at peak times by the end of 2026, after the new trains are brought into service, TfL said.
Combined with a signalling upgrade and the purchase of additional trains, peak period capacity on the busiest central sections of the Piccadilly Line will increase by more than half by the end of the 2020s, meaning an additional 21,000 customers will be able to board trains every hour at rush hour.
“This long-term sustainable investment will support London’s growing population, which is set to increase to 10.8 million by 2041, supporting new jobs, homes and growth,” it said.
Sabrina Soussan, CEO of Siemens Mobility, said the company was thrilled by the announcement.
“We can drive down lifecycle costs and significantly improve the passenger experience,” she was quoted as saying by TfL.
A Siemens spokesman in Germany declined to comment.
($1 = 0.7528 pounds)
Siemens wins $2 bln contract to build new London Tube trains
Siemens wins $2 bln contract to build new London Tube trains
- Siemens Mobility Limited is Siemens’s British subsidiary for its trains and transport technology business
- The Piccadilly Line is the first of the four Deep Tube lines to receive a much-needed upgrade
Closing Bell: Saudi main index slips to close at 10,588
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 127.15 points, or 1.19 percent, to close at 10,588.83.
The total trading turnover of the benchmark index was SR2.57 billion ($685 million), as 28 of the stocks advanced and 232 retreated.
Similarly, the Kingdom’s parallel market Nomu lost 108.53 points, or 0.46 percent, to close at 23,719.13. This comes as 22 of the stocks advanced while 47 retreated.
The MSCI Tadawul Index lost 17.17 points, or 1.22 percent, to close at 1,393.34.
The best-performing stock of the day was Sport Clubs Co., whose share price surged 3.69 percent to SR9.00.
Other top performers included Flynas Co., whose share price rose 2.55 percent to SR72.30, as well as National Industrialization Co., whose share price surged 2.13 percent to SR10.09.
Consolidated Grunenfelder Saady Holding Co. recorded the most significant drop, falling 6.61 percent to SR8.90.
Sustained Infrastructure Holding Co. also saw its stock prices fall 5.75 percent to SR30.82.
CHUBB Arabia Cooperative Insurance Co. also saw its stock prices decline 5.72 percent to SR22.40.
On the announcements front, Wataniya Insurance Co. said it has received a notice of award for a one-year contract with Saudi National Bank to provide general insurance as well as protection and savings insurance services, in line with agreed terms and conditions.
According to a Tadawul statement, coverage will begin on Jan. 1, 2026. The contract value exceeds 15 percent of the company’s total revenues, based on its latest audited financial statements for 2024.
Wataniya Insurance Co. ended the session at SR14.35, up 1.92 percent.
Fawaz Abdulaziz Alhokair Co., or Cenomi Retail, has announced executing a SR1.5 billion facility agreement structured as a short-term loan with Emirates NBD – Kingdom of Saudi Arabia. A bourse filing revealed that the financing duration is three years with an option to extend for a total of two years.
Cenomi Retail ended the session at SR20.00, up 0.26 percent.
First Milling Co. has announced the Board of Directors’ recommendation to amend the firm’s bylaws Article “Company Management” to increase the number of board members from seven to eight. This change reflects the firm’s commitment to broadening the range of expertise and skills on its board, in line with its growth and expansion plans for the next phase.
The company reiterated its commitment to fulfilling all necessary procedures and obtaining approvals from the relevant authorities. The recommendation will be submitted to the upcoming General Assembly, with the date to be announced in due course.
First Milling Co. ended the session at SR49.22, down 1.06 percent.









