Cairo – Mubasher: Elsewedy Electric Co announced that its subsidiary signed a new agreement worth AED 124.5 million ($34 million) with Dubai Electricity and Water Authority (DEWA).
After competing with 11 companies, Elsewedy Power Electrical Contracting LLC – Dubai was awarded a contract for the supply, installation, testing, and commissioning of 132 kilovolt (KV) transmission lines extending for 22.5 kilometres on a turnkey basis, according to a statement to the Egyptian Exchange (EGX) on Thursday.
The contract will be executed over a 17-month period starting from the singing date.
It is noteworthy to mention that in 2019, Elsewedy Electric reported net profits of EGP 4.163 billion, down from EGP 5.109 billion a year earlier.
