Cairo – Mubasher: Elsewedy Electric Co announced that its subsidiary Egytech Cables signed an agreement with the Egyptian Electricity Transmission Company (EETC) as part of a consortium with NARI Group Corporation, Huawei International Co., and Huawei Technologies Co. Egypt.

Under the contract, the consortium will upgrade Cairo Regional Control Center on turnkey basis, the company said in a bourse filing on Thursday.

The total value of the project stands at EGP 1.2 billion with Egytech’s share amounting to EGP 583.7 million.

The contract is set to be implemented over a 20-month period starting from the date of the advance payment.  

The project aims to control and monitor the electricity grid which comprises about 200 substations and solve load-balancing issues, the minister of electricity and renewable energy said in an official statement.  

It is noteworthy that during the first nine months of 2019, Elsewedy Electric Co logged net profits of EGP 2.78 billion, compared to EGP 3.57 billion in the year-ago period, including minority shareholders’ rights.