Elsewedy Electric [SWDY EY] and DP World [DWP EY] have been qualified, along with other consortiums, for the second round of bidding for the construction of a USD100mn dry port project in 6th of October City in Egypt. The consortiums include: i) Elsewedy Electric Group, with Germany’s Schenker and Cairo 3A; and ii) DP World with the Holding Company for Maritime and Land Transport and with the Suez Canal Economic Zone; iii) a Samcrete-IGL consortium; iv) GE Transport; and v) a consortium composed of Groupe PSA, Hassan Allam Construction, and Concorde Engineering and Contracting. Work on the project is expected to kick off during 4Q18 under a 30-year contract.
 
Elsewedy Electric: EGP218.59 as of 20 May 2018, Rating: Buy, TP: EGP190.00/share, MCap: USD2,672mn, SWDY EY/SWDY.CA
 
DP World (DU): USD22.10 as of 20 May 2018, Rating: Buy, TP: USD28.00/share, MCap: USD18,343mn, DPW DU/DPW.DI