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Ministry to begin executing $4bn power plant in Oyoun Moussa

Ministry to begin executing $4bn power plant in Oyoun Moussa
Egypt's investment minister Dalia Khorshid (Photo archive)

Cairo – Mubasher: Egypt's investment minister Dalia Khorshid on Wednesday said that the establishment of an electricity plant in Oyoun Moussa at a cost of $4 billion is nearing its final stages, according to a statement.

The UAE's Al Nowais Investments is leading a Korean-Emirati alliance to complete the project using the build–own–operate–transfer (BOOT) system for a 40-year period, the minister revealed on the sidelines of a visit to the UAE.

HSBC has been appointed as the project's financial advisor, while the US-based White & Case law firm has been appointed as the legal consultant.

The new power plant is expected to produce around 1,320 megawatts (MW) of electricity in its first stage using clean coal, the statement added.

Figures by the Ministry of Industry show that around 815 UAE companies operate in Egypt at total investments and contributions of $6.124 billion.