President Sisi Meets CEOs of Multinational Corporations at EEDC: Press Release
President Abdel Fatah al-Sisi met with the President and Chief Executive Officer of Siemens AG Joe Kaeser during the economic summit in Sharm El-sheikh - YOUM7
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BY: Office of the Presidency of Egypt

President Abdel Fatah al-Sisi met with the President and Chief Executive Officer of Siemens AG Joe Kaeser as well as the Chairman and Chief Executive Officer of General Electric Jeffrey R. Immelt on the sidelines of the second day of the “Egypt Economic Development Conference”. The meetings were attended by the Minister of Electricity and Renewable Energy Mohamed Shaker el-Markabi as part of the Egyptian government’s efforts to increase electricity generation to meet citizens’ needs and provide the energy needed for the new projects that Egypt plans to implement in the near future.

Spokesman for the Presidency Ambassador Alaa Youssef stated that the President’s meeting with the CEO of Siemens reviewed the upcoming projects the company will complete in Egypt, notably the Beni Sueif power plant, which Siemens has agreed to bring on line within a year and a half instead of the original three years. The new plant will have a total capacity of 4400 megawatts. The meeting also agreed to cut the cost of building the plant to 2.2 billion Euros from 2.5 billion Euros. In addition, Siemens will contribute 200 million Euros to support the Egyptian economy.

During the meeting, Kaeser also proposed a project to build a factory for manufacturing wind farm components with an investment of 300 million Euros. Kaeser noted this factory would act as a model for sustainable development in Egypt.

Ambassador Youssef added that the President’s meeting with the Chief Executive Officer of General Electric discussed a number of significant projects the company is in the process of implementing to increase electrical power generation in Egypt. In particular, they discussed plans to convert the Damietta and Asyut plants from traditional simple-cycle plants to combined-cycle, increasing their capacity to 750 megawatts on the existing fuel. The company has agreed to reduce the cost of the project and implement it within 10 months.

The President expressed his appreciation during both meetings to the two companies for the projects that they are implementing in Egypt and highlighted that Egypt is prioritizing the energy sector, which is experiencing increased demand as a result of the process of economic growth and project implementation underway in the country. The President thanked the CEOs of both companies for their efforts to contribute to promoting development in Egypt by committing to establishing the power plants in a timely manner, at the lowest cost and with the highest quality and noted that Egypt looks forward to more cooperation with both companies in the future given that they are partners in Egypt’s ongoing development process.

The President also met with the Chief Executive Officer of Unilever Paul Polman, who stressed that the company intends to expand its activities and inject more investment in Egypt, given the great potential of the Egyptian economy and the opportunities it presents. Polman outlined a number of proposals to enhance cooperation with the Egyptian government, particularly in the field of agriculture.

 

The content of the preceding press release is the responsibility of the Presidency of Egypt, and does not reflect the editorial policy of The Cairo Post.

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