Egyptian Elsewedy Electric signs $112mn power contracts in Kuwait and Angola

Egypt’s electric cables manufacturer and energy solutions firm Elsewedy Electric (SWDY: EGX) has signed two contracts worth a combined $111.9mn to supply and install power cables and transformers in Kuwait and Angola, the company said in a disclosure to the Egyptian Exchange on January 8.

The first contract, valued at $60.88mn, was signed by Elsewedy Electric’s subsidiary Egytech Cables with Kuwait’s Public Authority for Housing Welfare. Under the agreement, the company will carry out the design, supply and installation of ultra-high-voltage (400 kV) power cables for the South Sabah Al-Ahmad Housing Project, one of Kuwait’s flagship national housing developments.

The project will be delivered on a turnkey basis, covering all 400 kV cable works, with commissioning scheduled within 24 months from the start of execution.

The second contract, worth $51m, was signed directly by Elsewedy Electric with Angola Electricity Distribution Company. It includes the supply of power transformers, power cables and related accessories to support Angola’s electricity distribution network.

Founded in 1938, Elsewedy Electric operates across five main business segments: wires and cables, electrical products, engineering and construction, digital solutions, and infrastructure investments. The company’s shares have been listed on the Egyptian Exchange since 2006.

With over 34 production facilities in 19 countries and exports to more than 110 countries, the company continues to expand with massive new investments, such as a recently announced $2.5bn energy project in Algeria.