By: Ahmed Allam
Cairo – Mubasher: Arabia Investments, Development, and Financial Investment Holding Company is planning to compete for electricity sector projects in Kuwait, Saudi Arabia, Iraq, and Libya in the coming period, its deputy chairman Hazem Zafzaf said during a roundtable on Monday.
Arabia Investments is a subsidiary of Misr for Mechanical & Electrical Projects (Kahromecha).
The top official further revealed that Kahromecha had taken part in the development of Al Zohr oilfield by establishing oil pipelines.
We are looking to increase Kahromecha’s operations by 50% to EGP 800 million by the end of 2018 from EGP 560 million in 2017, Zafzaf highlighted.
Earlier on Monday, Arabia Investments said it was targeting EGP 1.5 billion revenues and EGP 80 million in profits this year.
Last year, Arabia Investments trimmed its losses to EGP 180.30 million from EGP 266.39 million in 2016, including minority shareholders’ rights.
Translated by: Nada Adel Sobhi