Elsewedy Electric unit signs EGP 620 mn agreement with El Mostakbal Urban Development

Elsewedy Electric’s Trading & Distribution unit signed a EGP 620 mn agreement with El Mostakbal Urban Development that will see it establish electricity and communications infrastructure for sections of the Mostakbal City project, according to an EGX filing (pdf). Work should be complete within 18 months. The Mostakbal City project is being developed near the new administrative capital. Reuters took note of the agreement.