Egyptian engineering giant Elsewedy Electric Company has unveiled a $1 billion power generation project in partnership with Siemens Energy and Saudi Electricity Company (SEC).
The project, located in Rabigh, Saudi Arabia, will deliver a state-of-the-art power station with a total capacity of 1,200 megawatts (MW) using a combined cycle system.
The move underlines Elsewedy’s commitment to expanding its footprint in the Gulf region and advancing energy infrastructure in key markets.
The announcement, made through a bourse disclosure, revealed that Elsewedy Electric holds an 80% stake in the joint venture (JV), providing it lead role in the project.
Siemens Energy, a global leader in energy technology, will contribute its cutting-edge expertise to the venture, while SEC remains a critical local partner in ensuring the project’s success.
The project not only represents Elsewedy’s growing presence in Saudi Arabia but also highlights the company’s broader ambitions to strengthen its portfolio across the Gulf Cooperation Council (GCC) region.
The new power station is expected to significantly boost power generation in Saudi Arabia, supporting the country’s growing energy needs as it continues to invest in economic diversification and infrastructure development under Vision 2030.
Elsewedy Electric’s involvement in such high-value projects is bolstered by its strong financial performance in 2024.
The company reported a year-on-year (YoY) increase in consolidated net profit for the first half (H1) of 2024, reaching EGP 9.10 billion, a notable rise from EGP 6.15 billion in H1 2023.
This allows the company to pursue large-scale international projects and reinforces its position as a key player in the global energy sector.
Meanwhile, Saudi Electricity Company, Elsewedy’s partner in the Rabigh project, also reported impressive financial results.
SEC recorded a 16.56% YoY increase in net profit, amounting to SAR 5.24 billion as of June 30, 2024, compared to SAR 4.49 billion in the same period of 2023.
Elsewedy Electric is looking to increase its business volume and investments across the Gulf. The firm has ambitious plans to expand its annual production and is actively exploring new projects, including dam construction, power and water plant developments, and the establishment of gas grids in various countries.
Beyond the Gulf, Elsewedy is also aiming to expand its export volume, with particular emphasis on Africa and Europe. The company’s extensive expertise in delivering complex infrastructure projects positions it as a preferred partner for governments and private enterprises seeking reliable, sustainable energy solutions.
Elsewedy Electric’s global portfolio also includes significant developments in Africa. Recently, the company, in partnership with The Arab Contractors, successfully connected three additional hydro turbine generators to Tanzania’s national grid.
The generators are part of the Julius Nyerere Hydroelectric Power Project (JNHPP), one of the largest infrastructure projects in East Africa.
The connection of these units, announced on July 16 by Tanzanian Deputy Prime Minister and Minister of Energy Doto Biteko during a site visit, has increased the power supply from JNHPP to 705 MW, out of the anticipated total of 2,115 MW. This will support in meeting Tanzania’s electricity demands and stabilising the national grid, ensuring a reliable energy supply for millions of residents.
“The successful connection of these units marks a significant increase in Tanzania’s electricity supply, now totaling 705 MW from the JNHPP,” Biteko said. “This progress ensures that the generation capacity is robust, allowing us to focus on stabilising the infrastructure for electricity transmission.”
The project, which will eventually provide more than 2,100 MW of clean energy, is expected to create a surplus on the Tanzanian grid, reducing the country’s reliance on fossil fuels and enhancing energy security.
Elsewedy Electric has evolved from a local manufacturer into a global leader in integrated infrastructure solutions, employing over 19,000 people and generating more than $5 billion in annual revenue.
With operations spanning five key sectors—Wire, Cable & Accessories; Electrical Products; Engineering & Construction; Digital Solutions; and Infrastructure Investments—the company has established a strong presence in 19 countries, with 31 production facilities across Africa and Asia.
The company exports its high-end products to over 110 countries worldwide and is renowned for its ability to deliver complex turnkey projects through its all-in-one Engineering, Procurement, and Construction (EPC) service.
This capability allows Elsewedy to efficiently execute large-scale infrastructure projects, like the Rabigh power station and the JNHPP, reinforcing its position as a global leader in energy and construction.
Elsewedy Electric’s mission extends beyond delivering infrastructure projects. The company is deeply committed to sustainability, with a focus on green energy projects, smart cities, and digitalisation. Aligned with its 2030 strategy, Elsewedy aims to expand its positive impact by providing energy access to more people and driving decarbonization in key markets.
Elsewedy is also focused on talent acquisition, empowering local communities, and developing more sustainable business practices, all while delivering innovative energy solutions to meet the challenges of economies where it operates.
