Elsewedy Electric was awarded a contract to establish a power plant in Dubai at a cost of $300m. The company said in a disclosure statement to the Egyptian Exchange (EGX) that it received a letter from the Dubai Electricity and Water Authority stating it won the tender to supply, construct, install, test, and establish the fourth phase of the H power plant in Al Aweer, Dubai through its alliance with Siemens.
Elsewedy said that the scope of its work includes the design, supply, and installation of all equipment of the project, as well as civil and construction works.
Siemens’ scope of business includes the manufacturing, supply, testing, and establishing of the power plant units and contributing to managing the tasks of the project.
According to the company’s statement, the power plant uses natural gas as a fuel with a total capacity of 815 MW. It will start generating power in 2020 through three units.
Elsewedy Electric’s profits jumped in the third quarter this year by 11.5%, scoring EGP 1.6bn, up from EGP 746.6m in the same period of last year.
The company works in the production of electrical cables, electric towers, transformers, circuit breakers, and all the accessories of electric grids.