Manarav Expands Role in Northern Light Rail Project With $77 Million Deal
Translated & summarized from Bizportal by baba
Manarav Group will perform additional upgrade and expansion works at the Ha'Movil interchange for the Nofit light rail project, valued at approximately 288 million shekels ($77 million). The works are expected to take about 53 months and will increase Manarav's direct involvement in the project connecting Haifa and Nazareth. CEO Eli Cohen stated the expansion solidifies Manarav's leading role in national infrastructure projects. The Nofit light rail is a major transportation initiative in northern Israel, with Manarav, Electra, and Alstom as key partners.
The story in 5 lines · by baba
- Manarav Group secured an additional 288 million shekel ($77 million) contract for the Nofit light rail project.
- The new works involve upgrading and expanding the Ha'Movil interchange over approximately 53 months.
- This expansion increases Manarav's direct involvement in the light rail project connecting Haifa and Nazareth.
- Manarav's CEO stated the deal reinforces the company's leading position in national infrastructure projects.
- The Nofit light rail project is a major transportation initiative in northern Israel involving multiple partners.
Manarav Group is expanding its involvement in the Nofit light rail project, which will connect Haifa and Nazareth, by undertaking additional upgrade and expansion works at the Ha'Movil interchange. The company announced it will perform these works, estimated at approximately 288 million shekels (about $77 million), over roughly 53 months, or about four and a half years. These infrastructure tasks are part of the Nofit project's additional scopes and will be executed on a "back-to-back" basis, directly contracted with the project's establishment contractor.
Manarav anticipates that the profit margins from these new works will align with those of similar contracting projects, though specific profitability figures were not disclosed. This expansion signifies an increase in the direct work Manarav performs on a project where it is already a key partner. The additional revenue is expected to contribute to the company's income over the execution years and bolster its infrastructure project backlog, with revenues recognized based on project progress.
Eli Cohen, CEO of Manarav Group, stated that the expanded scope in the Nofit project reinforces Manarav's position as a leading player in Israel's infrastructure and national projects sector. He highlighted that winning these additional works reflects the group's engineering and execution capabilities and its extensive experience with complex projects, viewing the Nofit project as a long-term operational driver.
The Nofit light rail project is one of the largest transportation initiatives in northern Israel. In 2024, Manarav, alongside Electra and Alstom, won the tender to construct the line connecting the Haifa metropolis with Nazareth and surrounding communities. The project is managed by HN - Light Rail Line, with Manarav and Electra each holding 40.05% and Alstom holding the remaining 19.9%. The concessionaire is responsible for the line's planning, financing, construction, operation, and maintenance, including tracks, stations, signaling, communication systems, electrification, ticketing, and rolling stock procurement, with an operational and maintenance period of approximately 25 years.