Cairo – Mubasher: Elsewedy Electric Co. announced that its subsidiary Elsewedy Electric for Trading and Distribution signed a new engineering, procurement, and construction (EPC) contract worth $90 million with the Egyptian government for smart high way information traffic system (ITS).
The 18-month agreement includes the implementation of ITS for highway roads in the country, including traffic management system (TMS), toll collection system (TCS), and the main control rooms in the New Administrative Capital, according to a bourse disclosure on Monday.
The first phase involves six highway roads with total lengths of 1,076 kilometres (km).
The roads are Shoubra-Banha freeway, Cairo-Ismailia-Port Said, Cairo-Alexandria, Cairo-Suez Desert Road, Cairo-Ain Sokhna Road, and Cairo Regional Road.
During the first half (H1) of 2020, the company logged EGP 1.025 billion in net profits, compared to EGP 1.95 billion in H1-19.
