Cairo – Mubasher: Elsewedy Electric Co on Thursday announced that its consortium with Arab Contractors received regulatory approvals for the construction of a major project in Tanzania.
The alliance was registered to design, supply, and establish a 2,100 megawatt (MW) hydroelectric plant and dam over the Rufiji River, Elsewedy Electric said in a statement to the Egyptian Exchange (EGX).
In December 2018, Elsewedy Electric and Arab Contractors signed the $2.9 billion deal for establishing the project which is expected to be complete within 36 months after a six-month mobilisation period.
For the full-year 2018, Elsewedy Electric, the Arab world's largest listed cable company, reported EGP 5.11 billion in profits, compared to EGP 6.48 billion a year earlier.
