Emirati investor offers to build Egypt new Sinai power plant

An Emirati investor has offered to provide $7.5 billion for the construction of a new oil power plant in Egypt capable of producing 3,960 megawatts a day.

At a meeting with the Cabinet Tuesday, Emirati Hussein Gasem Nweeis told Prime Minister Ibrahim Mahlab that he would build the plant in three stages, with each stage providing 1,320 megawatts a day, according to a cabinet press release.

Nweeis is the chairman of the Khalifa Fund and Senaat Holding Company. He is also a board member of Rotana Hotels.

The Nweeis-Mahlab meeting occurred the same day that Minister of Electricity, Mohamed Shaker signed a 301 million EGP ($43.3 million) deal to secure and prepare the site of a future southern Helwan oil power station, according to Youm7.

The Helwan station is expected to generate 1,950 megawatts a day and cost 12.5 billion EGP. The first unit of the project is expected to launch in November 2017, while the second and third units will be operational by mid-2018.