Egyptian President Abdel Fattah al-Sisi meets today the Chief Executive Officer of German industrial giant Siemens Joe Kaeser in Heliopolis Palace, Presidential Spokesman Ambassador Alaa Youssef said.
The meeting will be also attended by Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker and Eng. Hany Azer, the member of the Advisory Council of Egypt’s Scientists and Experts.
Siemens is a global powerhouse positioned along the electrification value chain – from power generation, transmission and distribution to smart grid solutions and the efficient application of electrical energy – as well as in the areas of medical imaging and in-vitro diagnostics.
During Egypt’s investment conference held last month in Sharm El-Sheikh, Siemens agreed to invest $10.5 billion ($10 billion euros) in Egypt, with projects to build power plants with a total production capacity of 6.600 megawatts that will boost the country’s electricity generation capacity by up to a third. It has signed four memorandums of understanding with Egypt worth US$10 billion.
The agreements were the largest single package of new deals signed at an international investment conference that Egypt hopes will spur its sagging economy after four years of unrest following a 2011 uprising.
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.