Elsewedy Electric, Arab Contractors win bid for construction of largest hydroelectric dam in East Africa
According to a press release by Egypt's presidential spokesman, a consortium of Elsewedy Electric and Arab Contractors has been awarded the construction of the largest dam in East Africa, in Tanzania. The project will: i) have an expected total investment cost of USD3bn, which will be funded by the government of Tanzania; and ii) have a capacity of c2,100MW. Based on our discussion with management, the scope of SWDY's involvement within the consortium has yet to be announced. (Enterprise, Ahmed Hazem Maher)
Elsewedy Electric: EGP14.50 as of 21 Oct. 2018, Rating: Buy, TP: EGP23.00/share, MCap: USD1,773mn, SWDY EY/SWDY.CA
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