Egypt’s Arabia Investments eyes power flagships in KSA, Kuwait, Libya

ُEgypt’s Arabia Investments, Development, and Financial Investment Holding Company plans to compete for power  projects in Kuwait, Saudi Arabia, Iraq, and Libya within the upcoming period, said its deputy chairman Hazem Zafzaf  during on Monday.

Arabia Investments invests in such fields as power, building materials, and automotive as well as oil and gas. The company, which is a subsidiary of Misr for Mechanical and Electrical Projects (Kahromecha), focuses on diversified development, offering infrastructure, construction, and industrial solutions.

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 percent to 800 million pounds by the end of 2018 from 560 million pounds in 2017,” Zafzaf further highlighted.

Earlier on Monday, Arabia Investments said it was targeting 1.5 billion pounds revenues and 80 million pounds in profits this year.

Last year, Arabia Investments trimmed its losses to 180.30 million pounds from 266.39 million pounds in 2016, including minority shareholders’ rights.