Kuwait's Kharafi National in negotiations for $90mln projects in Egypt

Kuwaiti contractor has an order book worth $300mln in Egypt

  
Image for illustrative purpose. An excavator operator helps construct an emergency pipeline to increase supplies of potable water in Willits, California February 25, 2014. Picture taken February 25, 2014.

Image for illustrative purpose. An excavator operator helps construct an emergency pipeline to increase supplies of potable water in Willits, California February 25, 2014. Picture taken February 25, 2014.

REUTERS/Noah Berger

07 July 2019
Kuwait-headquartered regional contractor Kharafi National is in negotiations to close 1.5 billion Egyptian pounds ($90 million) projects in Egypt, a top company executive said.

Executive manager Elia Saber said the company is in the final stages of negotiations for a sewerage project in Mostakbal City worth one billion pounds ($60 million) and is preparing the financial bid for 500 million pounds industrial effluent treatment project at Alexandria Mineral Oils Company (AMOC).

He said the company is currently implementing an electrical substation worth 450 million pounds ($30 milion) and water treatment plant worth one billion pounds at Mostakbal City.

Kharafi National has partnered with a Dutch water technology company for the AMOC bid, Saber disclosed, adding that the partnership has cleared the technical bid stage.

He said the company's order book in Egypt stands at five billion pounds ($300 million) until 2022.

He said the company is also "looking forward to carrying out works in the Suez Canal economic zone," but declined to give additional details.

Last week, Egypt's SAIB Bank had announced that it successfully arranged a syndicated medium-term loan of $45 million for Kharafi National Company to finance its projects in Egypt.

(1 US Dollar = 16.62 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)


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