Construcciones y Auxiliar de Ferrocarriles - CAF

Additional Details

Construcciones y Auxiliar de Ferrocarriles (Grupo CAF, lit. 'Construction and Other Railway Services') is a Spanish publicly listed company which manufactures railway vehicles and equipment and buses through its Solaris Bus & Coach subsidiary. In 2019, a consortium comprising CAF (with a 50% stake) and the Israeli engineering and construction firm Shapir won a massive contract with a total value of approximately €1.8 billion. The contract encompasses laying around 27 kilometers of new railway, constructing 53 new stations, supplying and refurbishing about 160 train cars (trams), and providing operation and maintenance services for a period of 15 to 25 years. The light rail route passes through parts of occupied East Jerusalem, connecting Israeli settlements (which are classified as illegal under international law) to West Jerusalem. In a 2025 statement, following the inclusion of CAP on the United Nations blacklist, the company admitted its participation in the project. However, it maintains that the project—in its initial phase in which the company was involved—did not include parts of East Jerusalem, but was expanded only afterward. -- Listed on BME (CAF), Construcciones y Auxiliar de Ferrocarriles - CAF is backed by leading sovereign wealth funds, most notably NBIM.