Elsewedy Electric submitted its technical and financial offer to compete for Hamriyah Station for Power Generation (total investment of USD600 million) in the UAE. Elsewedy is competing against seven international companies, that include: General Electric (USA), Doosan Group (Korea), SIPCO (China), GAMA (Turkey) and other European contracting companies. The project is located in Sharjah emirate and includes shifting the plant’s current four gas turbines from a simple cycle to a combined cycle, while also adding a combined cycle station. The bid marks the first Egyptian company’s qualifying and competing on a general contraction bid for energy projects in the UAE, after Elsewedy involvement in several power generation projects in Egypt, Iraq and Angola in the past few years. (Al Mal)   Elsewedy Electric: EGP44.57 as of 31 March 2016, Rating: Buy, FV: EGP62.50 per share, MCap: USD1,121 million, SWDY EY / SWDY.CA