SaudConsult broadens Middle East reach with Egypt acquisition

• 10 years ago (2013-12-01)
• Junior Isles

Middle East 326

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SaudConsult, one of Saudi Arabia’s largest engineering firms, has joined with Egyptian investment funds BPE Power and BPE Investments to acquire a 40 per cent stake in Egyptian firm Power Generation Engineering and Services Company (PGESCo).

SaudConsult will acquire a 20 per cent share in the company, while BPE Power and BPE Investments will together hold the other 20 per cent.

PGESCo is a leading Egyptian power engineering firm and has constructed over 19 000 MW of power plant capacity and manages over 11 000 MW worth of ongoing projects in Egypt, Libya and Iraq.

Commenting on the acquisition, Omar Alshawaf, the executive vice chairman of SaudConsult, said: “This transaction marks our commitment to the power space in Egypt. It is a clear sign that Egypt remains an attractive investment destination and we remain committed to supporting the Egyptian economy.”

The transaction is also expected to open new opportunities for PGESCo to develop projects in Saudi Arabia and other GCC countries.

Sherin Mosbeh, the general manager of PGESCo, said: “I am pleased to see this new, strategic acquisition take shape in Egypt, a transaction that is fully aligned with our strategy of growth in the Middle East.”