Egytech Cables signs US$43m contract for El Mutlaa Residential city

EGYPT – ElSewedy Electric’s subsidiary, Egytech Cables have signed two new contracts with a value of US$43.67 million (LE 686 million) for the supply, installation & maintenance of 132 kV ground cables for supplying the main substations 132/11 kv. of (N6&N10) regions for El Mutlaa Residential city.

ElSewedy Electric owns 99.98 percent of Egytech Cables company.

The company explained in a filing to the Egyptian Exchange (EGX), Thursday, that the project will contribute to providing electricity to the Al-Mutlaa residential city, one of the important projects that the Public Corporation for Housing Welfare is currently implementing for development and modernization.

According to the statement, the scope of work for “EGYTECH Cables” includes the design, supply and installation of the entire project on a turnkey basis for 132 kV cables, provided that it will be commissioned within 18 months.

“The project will help in the power transmission needed for El Mutlaa Residential City, one of the main projects currently executed by the Public Authority for Housing Welfare for the development, renovation and creation of Kuwaiti national income alternative resources,” it added.

It indicated that the contract was signed on January 19, 2022.

Earlier in January, Egytech Cables signed a new contract with the Public Authority for Housing Welfare in Kuwait worth 8.49 million Kuwaiti Dinars (US$28.01 million).

The contract with the Kuwaiti company comes four weeks after the Egypt-based multinational electrical company sealed a deal to build a $40-million electrical tools factory in Tanzania, a strategic move that will see it deepen its operations in East Africa.

The multimillion-dollar factory, which will be constructed in Kigamboni, a district in Dar es Salaam, will have the capacity to produce 15,000 kilometers of wire, 1,500 transformers and 100,000 electric meters per year. The project will come at a cost of TSZ92 billion ($40 million).

The company clarified in a filing to the Egyptian Exchange (EGX) that the contract is for the supply, installation and maintenance of 132 KV ground cables for supplying the main substations 132/11 kv of (N3&N4) regions for EL Multaa Residential city.

Elsewedy Electric operates within the capital goods sector focusing on electrical components and equipment. It has 37 subsidiaries operating across Northern Africa, Eastern Africa, Middle East and Southern Europe.

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