Egypt’s Ministry of Electricity has inked a EUR238mn agreement with Siemens to build six power transmission stations. The focus on investments in power transmission should help transport power generated from newly constructed power plants, to help lower USD1.3bn in fuel costs, according to Minister Mohamed Shaker. Under the BOO (build, own, operate), Siemens will design, build and operate the project (as well as provide maintenance works) while Elsewedy Electric will be responsible for the electromechanical component of the project (under the terms of the MoU signed at the Egypt Economic Development Conference in 2015). 

Elsewedy Electric: EGP77.85 as of 2 Mar. 2017, Rating: Buy, TP: EGP92.00/share, MCap: USD1,074mn, SWDY EY/SWDY.CA