Cairo: ABB, a Swedish-Swiss multinational corporation operating in robotics and heavy electrical equipment, seeks to win contracts for EGP3.5bn business constituting 10% of a three-year plan set by Ministry of Electricity and Energy to implement power distribution and transmission works at EGP37bn investments.

Ministry of Electricity had unveiled plans to upgrade the existing power grid and to carry out projects for power distribution and transmission at the three-year investments financed by local banks, notably Misr Bank and National Bank of Egypt.

In statements delivered to Al-Mal newspaper, ABB's regional director in Egypt, North and Middle of Africa Nagi Gregory said that the company seeks to increase its investments by 10% to reach 30% of total output up from 20% now.

On the other hand, Gregory lauded economic reforms conducted recently by the Egyptian government, on top of which is the New Investment Law, as it " regulates the relationship between investors and local authorities far adequately."

While ruling out delving into the arena of manufacturing pre-paid or smart meters, ABB bought a new building in Cairo's Fifth Settlement District against EGP150 million and engaged since 2011 in upgrading its factories and production lines, he noted. Source: Al-Mal Newspaper

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