El Mostakbal for Urban Development has signed an EGP 423.3 mn deal with Elsewedy Electric’s unit to carry out electricity and telecommunications infrastructure of the latter east Cairo project’s phase III, Invest-Gate reports.

The engineering, procurement, and construction (EPC) contract, which was inked on June 16, involves 22 months of work by Elsewedy Trading and Distribution Company in Mostakbal City, starting from the date of contract signing, on a turnkey basis, the Egypt-based firm uncovered in a recent bourse filing.

It is worth noting that, back in September 2017, the company had revealed the signing of an EGP 620 mn agreement with El Mostakbal for Urban Development for the construction of the same scope of work, but for the construction of Mostakbal City’s first phase, as underlined in the statement.

On June 14, Elsewedy Electric has been recognized among the top 100 companies in the Middle East by Forbes, due to its sector-based contribution to significantly boost local economic growth, according to a previous press release.

The ranking was based on market value, sales, assets, and profits. Accordingly, Elsewedy Electric reported net profits of USD 238 mn, revenues of USD 2.76 bn, assets of USD 3.3 bn, and a market value of USD 1.5 bn in 2019, the statement confirmed.