CAIRO – 2 February 2021: Rowad Modern Engineering Company, ElSewedy Electric subsidiary, signed a contract worth LE 1.46 billion with Star-light Company for Urban Development and Tourism. ElSewedy Electric clarified in a filing to the Egyptian Exchange (EGX) that the contract is for the construction of Kattameya Creeks compound in New Cairo area in Egypt. “The contract will be implemented over 36-month period starting from the signing date on turnkey basis,” it added. Elsewedy Electric operates within the capital goods sector focusing on electrical components and equipment. It has 37 subsidiaries operating across Northern Africa, Eastern Africa, Middle East and Southern Europe. Elsewedy Electric's consolidated results showed a 47 percent decline in its profits during the first six months of 2020, recording LE 1.02 billion, compared to LE 1.95 billion in the same period of 2019.