Electricity Ministry taps Giza Cable Industries for EGP 237.3 mn Saudi interconnection work

The Electricity Ministry awarded a EGP 237.3 mn contract to Giza Cable Industries to maintain the 3-GW Egypt-Saudi Arabia electricity interconnection line, a government official tells EnterpriseAM. The company will supply equipment, upgrade capacity, and perform maintenance under the direct assignment order, with work under the contract scheduled for completion by the end of 2027, according to a document seen by EnterpriseAM. The move comes as Saudi Arabia undergoes final testing on its side of the grid, following the completion of Egypt’s domestic interconnection infrastructure, the official says.

BACKGROUND- The USD 1.8 bn project, first floated in 2012, runs on 500-kV high-voltage direct current (HVDC) technology, built for moving large amounts of power over long distances with minimal losses. It links Egypt’s Badr converter station to Saudi Arabia’s East Madinah and Tabuk stations via roughly 1.4k km of overhead lines and subsea cables crossing the Gulf of Aqaba. In August, we reported that the project is in the final stages of technical and operational trials, and pre-operation trials were expected to conclude by the end of August, aiming for full operation in September.

The Gulf of Suez interconnections push: The government is deploying over EGP 2 bn to expand overhead transmission lines in the Gulf of Suez, preparing the national grid to absorb surging renewable energy capacity and integration from the Saudi interconnection, the official says. Foreign-local consortia — including El Sewedy Electric, the Kharafi group, and a joint venture between Hideleco and Korra Energi — are executing the grid upgrades and power station developments.

Dilution pending

Emaar Misr is taking another step toward buying out the remaining 75% of Skytower for Real Estate Development. The developer has hired BDO Keys Financial Consulting to determine the fair value of both companies’ shares and work out the share swap ratio for the acquisition, according to an EGX filing (pdf). Emaar, which already owns 25% of Skytower, plans to pay for the remaining stake by issuing new shares. The swap ratio will determine how many new Emaar shares are issued and how much existing shareholders are diluted.

ICYMI- The transaction has been in the works for nearly two and a half years. Emaar Misr first laid out its plans in May 2024, when it made a non-binding cash offer for an initial 25% stake in Skytower, with plans to acquire the remaining 75% through a share swap later on.

De-risking the book

Misr Life Ins. inked a partnership agreement with consumer finance platform TRU to extend life and total permanent disability ins. across TRU’s loan book, according to a press release (pdf). The agreement will cover outstanding receivables exceeding EGP 3 bn across more than 130k users, hedging TRU’s balance sheet against credit defaults caused by death or permanent disability while providing borrowers with built-in coverage.

IN CONTEXT- Egypt’s non-bank consumer finance sector has drawn tighter oversight as the total NBFI consumer finance portfolio ballooned to roughly EGP 96 bn by end-2025 (up more than fivefold since 2021) across 10.8 mn borrowers, prompting regulators to mandate tighter risk governance and real-time credit tracking. The two companies say the partnership responds to those regulatory developments, with the aim of protecting borrowers and strengthening risk management.