Egypt considers offers for three power plant projects

If Egypt approves the offers from the two firms, the move will help cut debts of the North African territory while achieving foreign investment. (File/AFP)
Updated 28 May 2019

Egypt considers offers for three power plant projects

  • HSBC Holdings, Deutsche Bank AG and KfW-IPEX Bank AG were among the top banks to finance the projects
  • President Abdel-Fattah El-Sisi inaugurated the plants in July as the latest in a series of large-scale infrastructure projects

DUBAI: Two international firms have signaled their interest in taking over Egypt’s three 14.4 gigawatts power plant projects.

If Egypt approves the offers from the two firms, the move will help cut debts of the North African territory while achieving foreign investment, Bloomberg reported.

The two firms are the global investment firm Blackstone Group and the international independent power producer Edra Power Holdings Sdn Bhd of Malaysia.

HSBC Holdings, Deutsche Bank AG and KfW-IPEX Bank AG were among the top banks to finance the projects which cost $6.7 billion (€6 billion) to build.

President Abdel-Fattah El-Sisi inaugurated the plants in July as the latest in a series of large-scale infrastructure projects.

The deal will enable the country to receive funding in order to revive its economy that stalled during the 2011 uprising.

The power plant projects are a continuation of a series of mega-projects such as a new administrative capital, an extension of the Suez Canal and a record-breaking Nile bridge.


Dubai’s Jumeirah eyes Saudi mega-projects

Updated 10 min 24 sec ago

Dubai’s Jumeirah eyes Saudi mega-projects

  • NEOM and Red Sea scheme high on group’s ‘address’ list, CEO tells Arab News

DAVOS: Jumeirah, the leading hotels and leisure group in the Middle East, is planning big developments in Saudi Arabia’s “mega-projects,” CEO Jose Silva told Arab News on the sidelines of the World Economic Forum annual meeting in Davos.

“We must be in those locations, but I want to make sure we get the right ‘address.’ Jumeiah always wants to be among the top three sites on any location. If someone convinces me this is the right address, I will jump into it,” he said.

Silva made clear he was thinking primarily about the two big development on the Kingdom’s west coast — the NEOM metropolis and the Red Sea project further south along the coast. He is believed to be in contact with Saudi Arabian tourism authorities and potential partners in the Kingdom.

Silva also said that Jumeirah was keen to open hotels in Makkah and Madinah, which he called “preferred entry” points in the Kingdom. Work has already begun on two sites.

“It is very important for us to acquire the right assets and the right designers. Unless we control the architect, we will not do it. We have to be involved in the design process,” he said.

A big presence in Saudi Arabia would be part of the strategy of “going global” that Silva has advanced in his first two years a head of the UAE-based hotels, leisure and restaurants business, which is owned by the government
of Dubai.

Last year, Jumeirah bought the Capri Palace on the eponymous Italian island, and is also involved in a major expansion plan in Asia, with six new projects underway in China, Indonesia and Malaysia.

Silva is also overseeing a $100 million renovation of the Carlton hotel in London’s Belgravia. Expansion via luxury hotel properties in other European capitals is also being considered.

In Dubai, he has brought in world-class managers to restaurants in the group’s flagship properties in Madinat and Burj Al Arab, with a clutch of “celebrity chefs” in place in restaurants there. 

“We want to be the best brand for ‘destination dining’,” he said.