Joseph Kaiser, CEO and chairperson of German electronics manufacturing giant Siemens, said that the Egyptian market has many promising investment opportunities, pointing out that Egypt is one of the most countries that witnessed high growth rates in the past four years, as well as developments in infrastructure, education and transport fields.
Kaiser added in an interview with Extra News that Egypt has many positive elements allowing the Arab country to master exporting services to many countries in the region.
“We are here to help Egypt overcome development challenges, especially in the presence of an aware leadership,” he said, adding “I am impressed by the performance of the Egyptian leadership and the president’s speech today.”
Earlier Tuesday, President Abdel Fatah al-Sisi opened four new power stations built at a total cost of $7.6 billion as part of the country’s development drive.
Three new power plants located in the Upper Egypt governorate of Beni Suef, the new Administrative Capital, and Al-Burlus were designed and constructed by Siemens
“Today is a day of hope,” Sisi said. “We have come a long way in one of the most important elements of building and development in the state.”
Three of the new power plants are located in the Upper Egypt governorate of Beni Suef, the new Administrative Capital, and Al-Burlus. They were designed and constructed by Siemens. Each of the plants will produce 4,800 MW of electricity annually at peak operations.
Sisi also opened one of the world’s largest wind farms, built at a cost of 12 billion Egyptian pounds ($673 million). State media said the Gebel el-Zeit station, located in the Red Sea province, has capacity of 580 MW.
The Ministry of Electricity’s spokesperson, Ayman Hamza, said on Monday that power outages will end completely in Egypt by the beginning of 2019 after the completion of current replacement and renewal plan.
Hamza said in a phone call to Al-Hadath Al-Youm satellite channel that any blackouts occurred in the last period came as a result to the current replacement and renewal plan of generation and distribution networks.
In less than two years, the government managed to end electrical power shortages and even pave the road for surpluses.
When Abdel Fatah al-Sisi became president in mid-2014, he put a plan to prevent the outages included the construction of eight massive power plants.
Sisi’s plan to end the outages includes exploitation of renewable energies. The government actively encouraged the private sector to establish its own solar and wind farms. It installed huge solar panels on the roofs of hundreds of government buildings and encourages Egyptians to create solar power plants on their home roofs. Some Egyptians sell electricity produced by their solar panels to the national grid.