logo
Elsewedy Electric expands into Europe with landmark power project in Hungary

Elsewedy Electric expands into Europe with landmark power project in Hungary

Elsewedy Electric Group has secured a major engineering, procurement, and construction (EPC) contract for Hungary's largest combined cycle power plant (CCPP) in decades. Awarded by MVM Matra Energia Zrt., a subsidiary of the Hungarian Electric Company (MVM), this milestone project marks Elsewedy Electric's first significant venture in Europe, reinforcing its global expansion strategy.
Located in Visonta, the plant will be developed in partnership with Status KPRIA Zrt. and West Hungária Bau Kft. (WHB) to modernize Hungary's energy infrastructure. Scheduled for completion by 2028, it will be the country's first hydrogen-ready facility, capable of integrating up to 30% hydrogen into its fuel mix, supporting Hungary's transition to cleaner energy sources.
The contract was signed in the presence of high-ranking officials, including Hungary's Energy Minister, Egypt's Ambassador to Hungary, and Elsewedy Electric President and CEO Ahmed Elsewedy. Ahmed Elsewedy emphasized that the project aligns with the company's mission to provide long-term energy solutions worldwide. Wael Hamdy, Elsewedy Electric's Group SVP & E&C CEO, highlighted the company's expertise in large-scale infrastructure and sustainability-focused initiatives.
Lőrinc Mészáros, owner of Mészáros Group, underscored the project's role in strengthening Hungary's energy security through high-efficiency technologies and green hydrogen integration. Abdelaziz El Gamal, GM for CIS & Balkans at Elsewedy Electric, noted that this achievement reflects the company's ability to expand into new markets while delivering reliable, high-quality energy infrastructure.
By partnering with MVM and local firms, Elsewedy Electric not only strengthens its European footprint but also reinforces its commitment to sustainable energy solutions. The Visonta CCPP is expected to enhance Hungary's electricity capacity while paving the way for future expansion across the continent.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

HE Dr. Thani Al Zeyoudi Meets EU Trade Commissioner Maroš Šefčovič in Brussels to Strengthen Bilateral Relations
HE Dr. Thani Al Zeyoudi Meets EU Trade Commissioner Maroš Šefčovič in Brussels to Strengthen Bilateral Relations

Mid East Info

time5 hours ago

  • Mid East Info

HE Dr. Thani Al Zeyoudi Meets EU Trade Commissioner Maroš Šefčovič in Brussels to Strengthen Bilateral Relations

UAE-EU bilateral non-oil trade in 2024 reached US$67 billion, which represents a growth of 2.4% compared to 2023. The EU is the second-largest trade partner of the UAE, accounting for 8.3% of total UAE non-oil trade in 2024. HE Al Zeyoudi: ' Our continued dialogue with the EU is essential in navigating the evolving global trade landscape. The European Union is a highly valued trade and investment partner for the UAE, with ties that continue to deepen across a range of sectors .' Brussels, Belgium – July, 2025: His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, met with His Excellency Maroš Šefčovič, European Commissioner for Trade, to discuss the strengthening of bilateral relations between the UAE and the European Union. The meeting in Brussels was also an opportunity to review progress on the negotiations towards a Comprehensive Economic Partnership Agreement (CEPA), following the first round of discussions held in June and early July. As UAE-EU bilateral relations continue to strengthen, the UAE-EU CEPA is anticipated to play a vital role in enhancing trade ties, fostering investment opportunities, and driving economic growth between the two parties. Both parties expressed optimism about the progress and potential benefits of the agreement. In 2024, non-oil trade between the UAE and the EU reached US$67 billion, reflecting a 2.4% growth over the previous year. The EU continues to be a significant trade partner for the UAE, accounting for 8.3% of its total non-oil trade. HE Al Zeyoudi remarked, 'Our continued dialogue with the EU is essential in navigating the evolving global trade landscape. The European Union is a highly valued trade and investment partner for the UAE, with ties that continue to deepen across a range of sectors. This growth in trade is aligned with our mutual interests and highlights the importance of collaboration in areas such as energy transition, advanced technology, and food security.' The meeting served as a platform for both parties to discuss strategies for increasing investments in high-growth sectors, including renewable energy and advanced manufacturing. The UAE has already established significant partnerships with EU nations, reinforced by ongoing projects in solar energy and innovative technologies. The UAE delegation to Brussels included His Excellency Mohamed Al Sahlawi, UAE Ambassador to Belgium, the European Union and Luxembourg, and His Excellency Juma Al Kait, Assistant Undersecretary at the UAE Ministry of Foreign Trade. As the UAE continues to diversify its economy, the CEPA program represents a strategic pillar of its foreign trade agenda. By solidifying trade relationships with key partners like the EU, the UAE aims to enhance access to global markets and stimulate sustainable economic development.

Stocks slip as investors eye tariff impact among corporate earnings - Markets & Companies
Stocks slip as investors eye tariff impact among corporate earnings - Markets & Companies

Al-Ahram Weekly

time13 hours ago

  • Al-Ahram Weekly

Stocks slip as investors eye tariff impact among corporate earnings - Markets & Companies

Major stock markets slipped on Tuesday as New York backed off its record highs and European markets fretted over an August 1 deadline for the EU to avert steep tariffs from President Donald Trump. US corporate profit reports so far were painting a generally resilient picture of the American economy, but with gathering clouds in some sectors, particularly automobiles, from Trump's levies on major trading partners. New York's broad S&P 500 and tech-heavy Nasdaq indices dipped, from record finishes on Monday, while the blue-chip Dow struggled. In Europe, only London ended the trading day in the green. Paris and Germany both finished solidly in the red. "European markets have been getting increasingly jittery as the (August 1) deadline approaches," said David Morrison, senior market analyst at Trade Nation. "With little sign of progress so far, investors are preparing for possible tariff retaliation from the EU." US Treasury Secretary Scott Bessent said meanwhile he would meet his Chinese counterparts in Stockholm next week for tariff talks, as a separate mid-August deadline approaches for US levies on China to snap back to steeper levels. Big earnings reports Closely-watched earnings loomed from some of the world's biggest names, including Tesla, Google parent Alphabet, Intel and Coca-Cola. US auto giant General Motors reported a 35-percent plunge in second-quarter profits Tuesday following a $1.1-billion hit from US tariffs, but confirmed its full-year forecast. Its shares plunged seven percent. Elsewhere, "expectations for the earnings season include accelerated profit growth for major US technology companies in the second half of the year," said Jochen Stanzl, chief market analyst at CMC Markets. British pharmaceutical giant AstraZeneca said Tuesday it would invest $50 billion in the United States by 2030 amid Trump's threats to impose tariffs on the sector. The dollar continued to lose ground, which has the effect of pumping up the earnings of US multinationals earning foreign currency revenue but reporting in dollars. The greenback's slippage is proving "a turbocharger" for those companies, according to Stephen Innes, managing partner at SPI Asset Management. Investment adviser Christopher Dembik at Pictet Asset Management said European companies reporting over coming days were conversely set to be hit by the effect of a stronger euro. Oil prices also dropped amid worries about reduced global economic activity going forward. Earlier in Asia, Hong Kong hit its highest close since late 2021. Its index has gained around 25 percent this year thanks to a rally in Chinese tech firms and a fresh flow of cash from mainland investors. Tokyo dipped following an earlier rally after the ruling coalition lost its upper-house majority as observers warned the government's tenure remained fragile. Fed chief speech Traders were also looking ahead to a speech later Tuesday by US Federal Reserve Chair Jerome Powell, ahead of the Fed's monetary policy meeting on July 29 and 30. Powell has come under pressure from Trump to quit, with the president angry at the Fed for not lowering interest rates in response to recent turbulence, but the central bank is expected to keep them on hold until September. Bessent said Tuesday he did not see a reason for Powell to resign "right now". Key figures at around 1545 GMT New York - Dow: UP 0.1 percent at 44,351.64 New York - S&P 500: DOWN 0.1 percent at 6,296.95 New York - Nasdaq Composite: DOWN 0.5 percent at 20,875.05 London - FTSE 100: UP 0.1 percent at 9,019.76 points (close) Paris - CAC 40: DOWN 0.7 percent at 7,739.18 (close) Frankfurt - DAX: DOWN 1.1 percent at 24,027.17 (close) Tokyo - Nikkei 225: DOWN 0.1 percent at 39,774.92 (close) Hong Kong - Hang Seng Index: UP 0.5 percent at 25,130.03 (close) Shanghai - Composite: UP 0.6 percent at 3,581.86 (close) Euro/dollar: UP at $1.1734 from $1.1688 Pound/dollar: UP at $1.3507 from $1.3485 Dollar/yen: DOWN at 146.51 yen from 147.42 yen Euro/pound: UP at 86.89 pence from 86.68 pence Brent North Sea Crude: DOWN 1.2 percent at $68.37 per barrel West Texas Intermediate: DOWN 1.3 percent at $65.06 per barrel. Follow us on: Facebook Instagram Whatsapp Short link:

Crystal Palace appeal against Europa League demotion - World
Crystal Palace appeal against Europa League demotion - World

Al-Ahram Weekly

time14 hours ago

  • Al-Ahram Weekly

Crystal Palace appeal against Europa League demotion - World

Crystal Palace have appealed to the Court of Arbitration for Sport (CAS) over their demotion from the Europa League to the UEFA Conference League. The London club, who won last season's FA Cup, fell foul of UEFA's rules governing multi-club ownership. European football's governing body determined that as of March 1, American businessman John Textor had control or influence in Palace and French club Lyon. It means under UEFA rules they are unable to compete in the same European competition and Lyon held on to the Europa League spot by virtue of their higher league position. Forest, who finished seventh in the Premier League, are expected to replace Palace in the second-tier Europa League should the punishment stand. The Court of Arbitration for Sport issued a statement on Tuesday confirming it had received an appeal by Palace and would issue a decision by August 11 at the latest. The CAS confirmed Palace were seeking to take either Forest's or Lyon's place in the Europa League. Textor has agreed to sell his stake in Palace to New York Jets owner Woody Johnson, but the move came too late to satisfy UEFA. (For more sports news and updates, follow Ahram Online Sports on Twitter at @AO_Sports and on Facebook at AhramOnlineSports.) Follow us on: Facebook Instagram Whatsapp Short link:

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store