Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

Siemens to invest $10.5 billion in Egypt for power projects

by Associated Press

SHARM EL-SHEIKH, Egypt Mar 14, 2015 - 12:00 am GMT+3
by Associated Press Mar 14, 2015 12:00 am
German industrial giant Siemens agreed to invest $10.5 billion ($10 billion euros) in Egypt on Saturday, with projects to build power plants that will boost the country's electricity generation capacity by up to a third.

The agreements were the largest single package of new deals signed at an international investment conference that Egypt hopes will spur its sagging economy after four years of unrest following a 2011 uprising.

Siemens CEO Joe Kaeser told The Associated Press that the deals were signed Saturday after negotiations with President Abdel-Fattah el-Sissi, "who drove a hard bargain."

"It will create 1,000 jobs and we're ready to start as soon as possible," he said. "We've been doing business here for over 110 years so we've seen crisis come and go... It's not about (us) coming and going."

He said the package included binding agreements worth about $4.6 billion ($4.4 billion euros). They include a new 4.4-gigawatt power plant in southern Egypt, a project to generate 2 gigawatts of wind power and a new wind rotor blade factory. The other agreements were memorandums of understanding to build other plants and substations over the coming five years.

Egypt, the Arab world's most populous country, faces a power shortage causing rolling blackouts that affect tens of millions of people.

The conference, in the Red Sea resort of Sharm el-Sheikh, kicked off its second day with business leaders from around the world reaffirming their commitments, lauding the government's leadership and describing Egypt as an attractive investment location despite persistent small-scale attacks the government blames on militants.

General Electric and Italian petroleum company Eni were among several companies to also announce preliminary agreements. Egypt's oil ministry said in a statement that the Eni deal was worth an estimated $5 billion ($4.8 billion euros) and would develop oil and gas resources.
  • shortlink copied
  • Last Update: Mar 15, 2015 10:43 am
    RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    homepage
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    Little Amal's journey from Turkey to UK comes to an end
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021