Cairo-listed Elsewedy Electric and Siemens are developing a USD 800 mn power plant in Rabigh, an official at Elsewedy reportedly told Al Arabiya.

The timeline: The project, which will include both steam and gas turbines, is reportedly in the construction phase and expected to be fully completed by the end of 2026.

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Elsewedy has other projects here in the works: The company expects to finish expansions of one of its Saudi factories in January 2025, the Elsewedy source said, as the Egypt-based company is looking to expand its footprint abroad.

Other Egyptian companies are also heading to the Kingdom in search of new projects: Egyptian construction and real estate players in particular are ramping up efforts to expand abroad as domestic growth potential shrinks, industry insiders recently told EnterpriseAM Egypt. While local developers are looking almost everywhere, there seems to be a particular appetite for Saudi on the back of its large, well-regulated, and welcoming market, developers and contractors said.

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