Siemens signs 4 Preliminary Deals with Egypt worth US$10 billion

German industrial group Siemens has signed Saturday four memorandums of understanding with Egypt worth US$10 billion.
The MoUs aim to construct several conventional power plants with a total production capacity of 6.600 megawatts, as well as a factory to produce equipment for wind energy farms and transformers.

In a keynote speech at Egypt Economic Development Conference (EEDC) on Saturday, Joe Kaeser, CEO of Siemens, praised the multiple investments opportunities being offered in Egypt.

“I wish we had as many opportunities in Europe as we have in Egypt.” Kaeser said. “I am impressed with the leadership I see in this country.”

Last week, the German industrial group was awarded a contract to supply four E-Class turbines to Egypt’s Attaka Power Plant near Suez City, under a supply contract with ELSEWEDY Power System Projects (PSP). The turbines from Siemens will add more than 650 megawatts (MW) of power generation to Egypt’s national electricity grid.