Mostakbal City agreed Elsewedy Electric to execute EGP423mln works

Elsewedy Electric said its subsidiary, Elsewedy Electric for Trade and Distribution, signed a EGP423mln contract to execute works for Mostakbal Urban Developments, according to a statement sent to the Egyptian Stock Exchange.  

The contract obligates EETD to build  electric and communications infrastructure in Mostakbal City’s pack 8, phase 3 of blocks built on a turn-key basis. 

EETD said  that it will deliver the works within 22 months. 

Recently, Elsewedy Electric announced the signing of a contract for installing infrastructure of power grids in the first phase of the city at EGP620mln costs. 

Elsewedy Electric recorded EGP463.69mln earnings in the first quarter of 2020,down from EGP995.5mln last year. 

Elsewedy Electric revenues dropped to EGP10.77bn down from EGP11.22bn last year. 

“ The signing ceremony took place this June, as the construction works are scheduled to last for 22 months,” said chairman of Mostakbal Urban Developments Eng. Esam Nasef.

“ Companies charged with building the utilities and infrastructure works for the first phase of Mostakbal City are working relentlessly and sticking to schedule dictating the delivery of housing units in the second half of this year.” 

MUD gave unequivocal orders to contractors and developers demanding them to adhere to highest safety and precaution measures playing a vital role in protecting workers from Covid-19 disease, he noted.