Elsewedy Electric for Trading and Distribution, an Egypt-based electricity distribution company linked to leading businessman Ahmed El Sewedy, has signed a EGP443.4-million ($28.3 million) contract for a five-year electrification project in Egypt’s new administrative capital.
Elsewedy Electric for Trading and Distribution is a 99.8-percent-owned subsidiary of Elsewedy Electric, an Egypt-based multinational electrical company founded by the Elsewedy family in 1938.
According to Mubasher, the company will implement the lighting of South Ben Zayed Road in the New Administrative Capital starting from the Al-Fattah Al-Aleem Mosque until the Cathedral in the East of Cairo.
In line with the contract terms, the Egypt-based contractor will execute high-mast lighting for road intersections from the City of Arts and Culture to the extension of North Ben Zayed Road.
The move comes nearly two weeks after another subsidiary linked to Elsewedy Electric, Egytech Cables, signed a new contract worth KWD8.49 million ($28.1 million) with Kuwait’s Public Authority for Housing Welfare.
Under the contract, Egytech Cables, a 99.98-percent-owned subsidiary of Elsewedy Electric, will facilitate power transmission for El Mutlaa Residential City through a project that will be implemented over 18 months on a turnkey basis.
El Mutlaa Residential City is one of the main projects executed by the Public Authority for Housing Welfare for the development, renovation and creation of Kuwaiti national income alternative resources.
As of press time, Jan. 15, shares in the multinational electrical company were worth EGP9.55 ($0.6086) per share, giving the company a EGP20.86-billion ($1.33 billion) valuation.
